Axxis Geo Solutions rolls out its debt restructuring plan

Norwegian offshore surveying company Axxis Geo Solutions announced a draft plan for its debt restructuring proposal after filing a court-protected reconstruction claim in February.

The restructuring plan involves a forced settlement of the company’s unsecured debt, which will settle 5-20% of its outstanding amount in cash, with the final percentage not yet determined. Creditors will have the option of converting their outstanding debt into company shares, while the company’s secured debt to Export Credit Norway will be settled in full through the sale of a research vessel. Naiad of Neptune and associated equipment.

The proposed plan would be funded by raising new shares and a group of investors signed a commitment agreement to inject $ 17-20 million into the company.

“After a successful reconstruction in accordance with the proposed plan, Axxis will have a balanced financial position and good liquidity reserves to support the continuation of operations. Today we presented the reconstruction project and stakeholder involvement, as part of the reconstruction process, and we expect the plan to be ready for a creditors vote after Easter, ”said Nina Skage , member of the Axxis board of directors.

“The company received an alternative proposal, which was carefully considered by the company with its advisers. Axxis considers the proposal unworkable for a variety of legal, business and financial reasons, ”Skage added.

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