Floating wind contractor Bourbon Maritime is on track to complete financial and capital restructuring by year end after French authorities gave the green light to its restructuring plan.
A commercial court in Marseilles has approved a recovery and reconciliation protocol that the company has agreed with its creditors which will reduce the group’s debt by some €1.5bn.
Debts will fall from €2.648bn to €1.065bn, including €228 million in bonds redeemable for shares to be issued by Société Phocéenne de Participations, a consortium of banks which owns Bourbon’s assets.
Bourbon said the conversion of its debt into equity will strengthen the group’s balance sheet and provide for new financing of up to €150 million.
“The end of the reorganization proceedings with the restructuring of our debts is a major step in the transformation of the group,” said Bourbon Maritime chairman Gaël Bodénès.
“We can now accelerate the deployment of our strategic action plan, both in terms of overhauling our operational and commercial structure as well as in terms of deploying new services.”