World Wide Supply (WWS) is selling its fleet to a Cayman Islands company controlled by its bondholders.
The restructuring Norwegian company saw its proposal approved by 95.76% of its bondholders today.
According to the summons, WWS will dispose of its six 2013-built platform supply vessels (PSVs) en bloc for $27.5m.
The transaction will be settled in cash and the mortgages of the ships held by the bondholders will be released.
This would put WWS in a position to be wound down “in an orderly fashion” and distribute its remaining cash to creditors.
After the sale, newly founded New World Supply (Newco) will have $24.1m available for distribution to bondholders.
The establishment of the Cayman Islands company is also aimed at securing a more efficient corporate structure, WWS explained.
WWS has already given the commercial and technical management of two vessels to Tschudi Offshore & Towage.
All of its vessels are currently laid up and the company has no commercial operations.
