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Prosafe agrees to a rescue plan with lenders

After lengthy negotiations, hotel rig company Prosafe and its lenders have finally agreed on a rescue plan. The agreement removes about 75 percent of the company's debt.

Photo: PR-FOTO

After lengthy negotiations, crisis-hit hotel rig company Prosafe has secured a rescue plan with its lenders for a "comprehensive and material" restructuring, according to an announcement Friday.

The agreement will shave off a considerable amount of Prosafe's debt with a total reduction of USD 1.1 billion, equivalent to 75 percent.

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