Polish fabricator ST3 Offshore has kicked off a company restructuring campaign after a judge signed off on the plan.
The Szczecin-based outfit said a new board has, as a result, “immediately withdrawn” a bankruptcy petition filed by the company’s previous management.
The court decision “enables an implementation of recovery plan and stabilisation of the company”, a spokeswoman said. It will allow the company to “operate normally”.
A court-appointed supervisor will oversee the restructuring, it is understood.
During the proceedings, some 50% of “claims” were paid off by ST3 and “full stabilisation” through agreements with remaining creditors will be achieved.
The plan will allow the company to continue operations post-2020 when “many (offshore) wind farm investments” are planned.
ST3 is currently fabricating 20 jacket foundations for Orsted’s 450MW Borkum Riffgrund 2 wind farm in the German North Sea.
“A new contract schedule has been negotiated” for the job with execution planned for June 2018, ST3 said.
Polish investment fund Mars FIZ took a controlling stake in the company last year after it ran into financial trouble.
Image: ST3 Offshore
Court backs ST3 survival plan
By EBS