Bourbon's Creditors Seal Restructuring Deal

Maritime Activity Reports, Inc.

June 5, 2019

(Photo: Bourbon)

(Photo: Bourbon)

 The creditors of indebted French marine services company Bourbon reached a restructuring deal that would give them control of the company, protect jobs and draw new liquidity.

Bourbon has been hurt by market overcapacity and a fall in spending on services by upstream oil and gas companies, but the deal with its creditors lifted its shares.

Bourbon's stock rose 24% in early session trading, although it is still down around 36% so far this year.

The creditors said their restructuring deal would result in the conversion of around half of 2.7 billion euros ($3 billion) of debts into new capital for the company.


($1 = 0.8880 euros)

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News