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Solstad asks creditors for one-year suspension of payments

The offshore shipping company asks its bondholders to suspend payments on amortization and interests for one year, as the company's liquidity is strained.

Struggling offshore shipping company Solstad Offshore is in dire straits financially, and the company has now asked its creditors for a one-year suspension of payments on interest and amortization of its debt, according to a stock exchange filing.

The Norwegian company has debt totaling NOK 30 billion (USD 3.5 billion). It recently emerged that Solstad has begun negotiations with its creditors, as the coming winter season in the North Sea is expected to put liquidity under severe pressure.

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