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Banks could end up as co-owners of debt-plagued Prosafe

It is still too early to say how a potential rescue plan could look for Prosafe, but it is likely that it will include a conversion of debt into equity.

Photo: PR / Prosafe

Prosafe, which leases accommodation rigs to the oil sector, expects that the ongoing negotiations with creditors could end up with the banks becoming co-owners of the strained company.

A solution in which lenders convert debt into equity has been used by several debt-plagued offshore companies and could also be in store for Prosafe, according to the company's third quarter interim report.

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