Bourbon set to divest nearly 100 ships with rescue plan

After months of work, creditors have approved a rescue plan for crisis-stricken Bourbon. The offshore company is released from 60 percent of its debt and receives new capital as well as new co-owners. The condition is a major sale of ships.

Photo: Bourbon

A comprehensive rescue plan for crisis-stricken French offshore carrier Bourbon seems set to fall into place after having been underway for more than a year.

Creditors and a French court in Marseilles approved the plan on Dec. 14, which means that the company's debt of EUR 2.648 billion will be reduced by 60 percent to EUR 1.065 billion.

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