(Alliance News) - Gulf Marine Services PLC on Thursday said it has been in discussions with its banks regarding an extension for the conclusion of improved terms for its debt structure that was signed in June.
The United Arab Emirates-based marine services provider said discussions have been positive but not conclusive, and it anticipates that an agreement could be made in the course of the coming weeks.
Gulf Marine Services said its banks have agreed to extend some obligations on the company until the end of January 2021, which it was previously required to have met by Thursday. The extended deadlines include the timing and targeted quantum of new equity to be raised, the pricing of the debt and the requirement to issue warrants to the banks on Monday next week, it added.
Shares in Gulf Marine Services closed down 0.8% at 6.09 pence in London on Thursday. The stock is down 17% for the year.
By Zoe Wickens; zoewickens@alliancenews.com
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Gulf Marine Services (GMS)