Solstad Farstad has completed the financial restructuring of Solship Invest 3 AS.
Thommessen advised the lenders to Solship Invest 3 AS (a part of Solstas Farstad ASA) and its subsidiaries (together "SI3") in connection with the financial restructuring of SI3.
As reported by Solstad Farstad, the restructuring includes deferral of scheduled instalments, interest and bareboat payments until 31 December 2018 and the suspension of certain financial covenants during the same period. As part of the restructuring, SI3 will also be provided with a loan from Sterna Finance Ltd. in the amount of USD 27m for general corporate purposes. SI3 and its financial creditors entered into a restructuring agreement on 20 July 2018 and announced on 31 August 2018 that the restructuring was completed.
The Thommessen team was led by Kristoffer Hegdahl, head of Thommessen's restructuring department, and included partners Pål Lieungh, Bjørn Sande Urtegaard and Ellen Teresa Heyerdahl, and associates Pernille Engstrøm Skaug and Faraz Ahmed Ali.