French OSV giant Bourbon has received a financial restructuring offer from its main lenders and lessors.
The deal is dependent on a number of conditions being met, it said.
The company, hit by the OSV downturn, had already indicated in March that a number of offers had been submitted, subject to due diligence, and that it remained in talks.
On Wednesday, it revealed that the offer includes new finance and a debt reduction, which will involve converting some borrowings into shares.
Bourbon said: "Such offer needs to be analysed and considered as regards the interests of the group, of its employees and of its shareholders.
"Other offers could be submitted in the coming weeks. The board...will decide on such offers only after having thoroughly examined of all their terms."
In January, Bourbon renewed a general waiver with the majority of its debt holders, allowing the company to suspend debt repayments.
The original waiver was finalised with Bourbon’s lenders in April 2018 to delay payments for 12 months.
The company’s outstanding loans and mounting losses stood at around EUR 1.12bn ($1.28bn) in January.
Bourbon said in November it was actively seeking new financial partners to deploy its strategic plan and develop its business, stating “all solutions are being considered”.
The group is worth $1.1bn and owns 251 ships, according to VesselsValue (VV).
A number of older units have been sold off this year.
Based on AIS data, VV estimates 27% of the fleet is not being utilised, having not signalled for eight or more weeks.
