Olympic Ship has been given one extra week to agree on a restructuring deal with its bondholders.
The company’s latest deadline expired on Friday and has now been stretched to 28 October.
Olympic said it was working within the framework provided by its lenders but expected more time to be required to secure a comprehensive solution.
Two 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.
Stig Remoy was unavailable for comment when contacted by TradeWinds earlier today.
Olympic said it would continue to pay interest during the standstill period but has agreed to postpone all amortization and maturities.
