28th Feb 2020 16:04
(Alliance News) - Gulf Marine Services PLC PLC on Friday said it has extended a covenant agreement until the end of March.
Shares in the company were 26% lower at 4.85 pence each in London on Friday afternoon.
This is not the first time the covenant waivers have been extended, having in December been pushed to the end of January. Then in January, they were delayed to the end of February.
The formal covenant waivers were signed in September, securing Gulf Marine some financial relief. This agreement provided the firm with a rollover of an existing USD25 million facility.
UAE-based Gulf Marine said Friday the new extension will continue the rollover as well as access to bonding facilities until the end of March.
"The group continues in constructive dialogue with its lenders on a long-term solution to its capital structure," said Gulf Marine.
By Eric Cunha; [email protected]
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