Aker Capital has decided to veto Rem Offshore’s refinancing of its REM04PRO bond issue.
The company noted in a release that its decision to restructure was not supported by Aker.
The firm’s restructuring plans were announced at the end of last month and also include a private placement of NOK150million, as well as the conversion of NOK513.5m in senior unsecured bonds to shares, a reduction amortisations on all bank facilities with all bank maturities extended by 42 months in addition to amended financial covenants, and the cancellation of an AHTS newbuilding with Vard in exchange for equity.