Olympic Ship has secured three more weeks in order to find a viable solution that will keep the company afloat.
The Stig Remoy-led company said it now has until 21 December to negotiate a long-term agreement with lenders, investors and bondholders.
Olympic has been in restructuring discussions for the past year due to the offshore market slump.
As TradeWinds reported yesterday, the company is set to stack more ships as its quarterly loss grew from NOK 51.6m ($6.1m) to NOK 593m.
During the extended standstill period, Olympic will postpone all amortization and maturities payments but could still be in breach of certain covenants from time to time.
This is the ninth extension that Olympic has been able to secure since October.
“The liquidity of the company remains stable for the period to come in the anticipation of an amended financing arrangement,” Olympic added.
