ShippingWatch

Bourbon gets permission to postpone payments

French offshore shipping company Bourbon has reached an agreement with its lenders to push back payments on debt and amortization.

Photo: PR-foto: Bourbon

Following months of negotiating, French offshore shipping company Bourbon has settled a deal with its lenders, who control a majority of the company's debt. The deal means that Bourbon can defer payments on loan and debt while it is working to implement a large-scale plan, informs the company.

In February, the company announced a new plan that will enable it to compete in a challenging offshore market going forward. The plan involves, among other moves, Bourbon Corporation splitting up activities and selling 41 older offshore vessels. In relation to this, the company booked a EUR 170 million impairment.

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