Stig Remoy’s Olympic Shipping has struck gold in its restructuring efforts after reaching a deal with key stakeholders today.

Bondholders, lenders, shipyards and new investors have all given their support to a package which will give the owner a liquidity runway until 2020.

The plan will see four vessels sold, new investment arrive and a new corporate structure formed.

Subsea spinoff

A new pure-play subsea company will receive a NOK 400m ($47m) injection of fresh equity, while a reworking of the owner’s existing bond debt will see it cut by NOK 395m.

Four