Horizon Offshore Offers Finance Update

Thursday, January 29, 2004
Horizon Offshore, Inc. said that due to its inability to collect any of its outstanding claims against Pemex or obtain financing on acceptable terms with an institutional lender prior to January 31, 2004 it has reached agreement with the lenders on two of its existing revolving credit facilities to amend its loan agreements. These amendments remove a condition that would have reduced its borrowing capacity under these agreements from an aggregate of $50 million to $20 million on January 31, 2004. As of January 28, 2004, $50 million was outstanding under these revolving credit facilities. Each of these facilities mature on April 3, 2004. Horizon is currently pursuing additional debt and equity sources of financing to replace these facilities prior to their maturity and to reach long-term agreements with the lenders on all of its credit facilities. If Horizon does not obtain long term financing on acceptable terms and does not collect on its Pemex claims prior to April 3, 2004, it will need to obtain another extension from the lenders on the revolving credit facilities mentioned above. Horizon also reported that it and its consultants continue to negotiate with and use their best efforts to collect its outstanding claims against Pemex, but the ultimate amount and timing of payment of its claims is uncertain at this time. The possibility exists that Pemex could pay a portion of the claims and require Horizon to submit the remainder of its claims to arbitration, or, if agreement cannot be reached with Pemex, Horizon may have to submit all of its claims to arbitration. Because of the uncertainty associated with the timing of any payments, the Company is currently evaluating the amount to be reserved for accounting purposes for the Pemex receivable and reflected in its fourth quarter 2003 results.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Canada Commissions Study on Underwater Noise

Green Marine has signed a nine-month contract with Transport Canada to provide insight on underwater noise generated by shipping and its effects on marine life, along with potential solutions.

Asia-Europe Box Rates Down 23 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 22.8 percent to $400 per 20-foot container (TEU) in the week ended last Friday,

RI Offshore Project Boosts US Wind Entry

Rhode Island's Deepwater Wind will start installing the foundations for North America's first offshore wind farm on Monday, a milestone the company says could pave

Offshore

NOIA Applauds RI Offshore Wind Project

National Ocean Industries Association (NOIA) president Randall Luthi issued a statement congratulating “steel in the water” for Deep Water Wind’s Block Island Wind Farm,

CAPE Holland Deploys New Vibro Lifting Tool

Earlier this week, during its first commercial application, the newly developed Vibro Lifting Tool (VLT) of CAPE Holland has successfully installed four piles in up to 90 meters water depth.

FERC Approves Excelerate’s Offshore GasPort

Excelerate receives approval to move forward with the construction and operation of LNG terminal   On July 24, 2015, the U.S. Federal Energy Regulatory Commission

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2784 sec (4 req/sec)