Prosafe Provides Update on Financial Situation & Process with Lenders

Source: www.gulfoilandgas.com 7/31/2020, Location: Europe

Prosafe refers to the information on its financial status and process with lenders that has been provided over time, latest on 30 June 2020.

The forbearance arrangement previously reported has now expired. However, the process and creditor discussions remain constructive and lenders in general maintain their support for the company to continue to operate on a going concern basis and seek a long-term financial solution while reserving their rights. Pending conclusion of these discussions, the company continues to operate on a business as usual basis to protect and create value through challenging market conditions.

On this basis the company will continue to defer making payments of scheduled instalments and interests under both bank facilities. Similarly, payment of the final instalment owed and due under the seller credit to Cosco for the Safe Notos remains as initially reported on 13 February subject to ongoing discussions with Cosco and the lenders.


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