Still owing around $1.3 billion, Bourbon will shed more vessels
Written by
Nick Blenkey
French offshores services leader Bourbon Maritime says that its recovery plan and a conciliation protocol signed with its creditors were validated on December 14 by the Commercial Court of Marseilles.
Bourbon says that this decision allows it to end reorganization proceedings and that it will complete the financial and capital restructuring of the group by the end of the year.
The restructured Bourbon will have around $1.3 billion in debt and has plans to cut its fleet to less than 350 vessels, compared with its current 458.
At the heart of the restructuring is a debt-for-equity swap that will see new shareholders joining the banks that currently own Société Phocéenne de Participation, the company that acquired the assets of Bourbon Corporation under a court judgement issued just under a year ago (see earlier story).