Seabird Exploration bond payment grace period extended to Sept. 28

By Caroline Salls

Pittsburgh, Sept. 21 - Seabird Exploration plc received an extension to Sept. 28 of the grace period for making interest and principal payments on its bond agreement, according to a news release.

The company said it is in talks with key stakeholders, including Norsk Tillitsmann ASA, to evaluate several alternatives to strengthen its financial position going forward and establish a new financing structure.

Interest and default interest will accrue on the bond agreement as a condition to the grace period extension.

According to the release, the extension can be terminated at any time if the bond trustee receives written instruction from the requisite amount of bondholders to revoke the extension or if a bondholders' meeting votes to revoke it.

Seabird provides marine seismic data and associated products and services to the oil and gas industry. It maintains offices in the British Virgin Islands, Dubai and Oslo.

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