( said that while the waivers of covenant defaults granted by its primary lenders expired today, the Company and its lenders remain in constructive discussions aimed at establishing longer-term waivers.
"We continue to work closely with our primary lenders toward longer-term waivers that will give us the necessary time to allow us to develop a sensible financial restructuring plan," said Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA. "SNSA is taking action to improve its liquidity, reduce debt and strengthen its balance sheet."
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. is one of the world's leading providers of transportation services
for bulk liquid chemicals
, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge services
, provides integrated transportation
for its customers. The Company also owns 63.5 percent of Stolt Offshore S.A.
(Nasdaq: SOSA; Oslo Stock Exchange: STO), which is a leading offshore contractor
to the oil and gas industry
. Stolt Offshore specializes in providing technologically sophisticated offshore and subsea engineering, flowline and pipeline lay, construction, inspection, and maintenance services
. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia.