Stolt-Nielsen still in talks with lenders as default waivers expire

Chicago, Dec. 16 - Stolt-Nielsen SA said it is still in discussions with its primary lenders over longer term waivers.

The company said the talks are continuing even though the waiver of covenant defaults previously granted has expired.

In addition, its Stolt Offshore SA subsidiary said it is concluding the administrative aspects of its covenant waiver extension and continues discussions with its lenders towards a long-term agreement.

Stolt Offshore also said that is has been approached by Pareto Securities ASA, on an unsolicited basis, to consider a capital raising alternative, according to a news release. While the company said it is receptive to interest in the company, it said it will continue to work with its existing advisors to evaluate alternatives in restructuring its balance sheet.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.