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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Three More Workboats for Jordan

Sanmar Shipyards delivered three more vessels to the Aqaba Port Marine Services Company (APMSCO) for the Sheikh Subah Al Ahmad Al Subah LNG terminal at Aqaba, Jordan.

ASL Shipyard Secures S$140mln Build Contracts

ASL Shipyard Pte Ltd. a wholly-owned subsidiary of ASL Marine Holdings Ltd., has secured new shipbuilding contracts worth approximately S$140 million for the construction

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Offshore

MN 100: Bordelon Marine

The Company: Founded in 1979, Bordelon Marine is a leading provider of Marine Transportation services operating in the Gulf of Mexico and around the world. The

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Yamal LNG Arctic Project in Doldrums

The massive $27 billion Yamal LNG liquefied-natural-gas venture in the Arctic Circle, a centerpiece of President Vladimir Putin’s plan for Russia has been squeezed by U.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.4583 sec (2 req/sec)