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ROV NEWS: Stolt Offshore comments on covenant waiver extensions and Pareto proposal

Posted on 19.12.2003 - 03:17 EST in ONSHORE NEWS by Rons_ROV_Links

Stolt Offshore said on 18th December that 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 confirmed that it was approached yesterday by Pareto Securities ASA, on an unsolicited basis, to consider a capital raising alternative.

While Stolt Offshore is receptive to interest in the company, it wishes to clarify that it continues to work, as planned, with its existing advisors to evaluate the various alternatives in restructuring its balance sheet.

December 19, 2003

Source: Offshore Shipping Online

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