Olympic Ship has been given two extra weeks to agree on a restructuring deal with its bondholders.
The company’s latest deadline expired on 28 October and has now been stretched to 11 November.
Olympic said it is in advanced discussions with secured lenders and investors and has also initiated talks with bondholders.
It added that there can be no guarantee that a solution will be found in a timely manner and that the company might from time to time be in breach of certain covenants.
Three weeks ago, the offshore vessel owner said it had secured vital liquidity from local investors in order to stay afloat.
A consortium of Norway-based parties is willing to offer Olympic NOK 500m ($61m), of which NOK 400m would be new liquidity.
Age Remoy, the brother of Olympic’s chief executive Stig, has launched a new company with NOK 500m in cash earlier this month.
Norwegian media reports say Age Remoy is not injecting capital into Olympic. However, Stig Remoy is putting in an unknown amount of fresh cash.
Fearnley Securities and EY have been retained as financial advisors with Wiersholm as legal advisor to assist Olympic in this process.
