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Siem Offshore gets respite from creditors until New Year

A sufficient number of Siem Offshore's bond holders agreed Friday to postpone loan payments until the turn of the year. The strained offshore company hopes to land a comprehensive restructuring before that deadline.

Siem Offshore is controlled by Norwegian magnate Kristian Siem, who also chairs the company. Photo: PR / Siem

Strained offshore company Siem Offshore, controlled by magnate Kristian Siem, secures sufficient backing from its bondholders, which have agreed to postpone and suspend interest and debt payments on loans until the turn of the year.

Before then, Siem Offshore hopes to land a comprehensive restructuring agreement, which will, among other things, convert debt into equity, which will likely lead to a dilution of existing shareholders.

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