Solstad gets green light for restructuring: "A new beginning"

At an extraordinary general assembly, offshore ship operator Solstad has received approval for a rescue plan. CEO says the resolutions of the agreement, which has taken a year and a half to settle, "mark a new beginning for Solstad."

Photo: Solstad Offshore

Struggling Norwegian offshore ship operator Solstad Offshore has received green light from its shareholders for a rescue plan, says the company in a notice to the stock exchange following its extraordinary general assembly.

The deal concludes a year and a half of negotiations with creditors, and will convert debt totaling NOK 9.7 billion (USD 1.0 billion) into shares. And some individual creditors and investors will inject fresh capital into Solstad.

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