Farstad Shipping has seen its standstill agreement with creditors stretched for more than a month.
The previous agreement was set to expire today, but Farstad has been granted an extension until 20 December in order to facilitate its ongoing negotiations with investors.
Oslo-listed Farstad added that the postponement of all amortisation payments is subject to certain conditions to be met during the standstill period, but it did not elaborate.
The Karl-Johan Bakken-led company is working to find “a solid financial platform” with Norwegian investor Kristian Siem.
As TradeWinds has reported, Siem Industries has entered into a non-binding letter of intent for Farstad’s financial restructuring.
