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Floatel International Ltd.

11/27/2020 | Press release | Distributed by Public on 11/27/2020 12:56

Floatel International Ltd: Update regarding standstill extension and discussions with secured financial creditors1606502310

Floatel International Ltd: Update regarding standstill extension and discussions with secured financial creditors

The Company remains in constructive negotiations with its key stakeholders, including all lenders under the credit facilities and an ad hoc committee of holders of 1L Bonds (the 'AHC'). On 14 April 2020 the Company entered into the Forbearance Agreement with the AHC, as amended on 30 October 2020. The Forbearance Agreement has now been extended until 4 December 2020.

The vessels that are on charter continue to operate as normal and it is business as usual for the Group's operations.

For further information, please contact:

Peter Jacobsson, CEO, Floatel International AB
Tel: + 46 31 352 07 00; Mob: +46 76 856 36 18

Tomas Hjelmstierna, CFO, Floatel International AB
Tel: + 46 31 352 07 00; Mob: +46 70 261 09 01