Gulf Marine Services PLC - United Arab Emirates-based marine services provider - Receives further extension for conclusion of improved terms for debt structure from its banks until February 28. Notes the debt structure was originally signed in June 2020 as part of the restructuring of its debt facilities. Says discussions have continued to be positive but not conclusive, and it anticipates that an agreement could be made in the course of the coming weeks.
Gulf Marine Services adds its banks have agreed to further extend certain obligations, which it was otherwise required to have met by January 31, meaning it will "avoid an event of default as a result of the general meeting failing to pass by January 31 certain resolutions presented by the previous board."
Current stock price: 5.20 pence
Year-to-date change: down 15%
By Zoe Wickens; zoewickens@alliancenews.com
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Gulf Marine Services (GMS)