French OSV giant Bourbon is asking that its shares be temporarily removed from trading while the troubled company looks to address hundreds of millions of dollars in debt.
The company's board of directors today "acknowledged" some of Bourbon's group affiliates have "addressed" a credit payment request or contractual allowances totaling about $800m.
"Bourbon Corp, as a guarantor of part of this amount ... is examining available options and intends to pursue discussions with its creditors with the objective to take all appropriate measures to protect its interests and those of its personnel," the company said in a statement.
"In these circumstances and pending a new press release, the group has requested the suspension of the listing."
The company's shares, which trade on Euronext Paris as GBB, gained €0.02 today to close at €3.96 ($4.44).
The company in late June reunited its chairman and chief executive roles under Gael Bodenes and placed major shareholder Jacques de Chateauvieux as executive chairman.
De Chateauvieux, who holds 60.7% of the company, is working with a group of "historic shareholders" that holds 8.82% of Bourbon in an effort to stave off a bank takeover.
Bourbon's debt stood at €1.12bn in January.
