Sismic Firm Polarcus Set for professional relaxation,
Polarcus Limited, a seismic surveyor in liquidation, is set to be liquidated and delisted from the Oslo Stock Exchange.
Earlier reported, in January of this year, lenders took control of the company’s ships after defaulting on debt, and decided to sell them and fire all employees.
On February 8, 2021, David Griffin and Andrew Morrison of FTI Cayman, and Lisa Rickelton of FTI London were appointed Joint Interim Liquidators (JPL) of the troubled seismic service provider by court order.
The liquidators were specifically authorized by the court to take all necessary steps to work out and propose a restructuring of the financial indebtedness of the company with a view to reaching a compromise or arrangement with the creditors of the company.
Since their appointment, the JPLs have negotiated the restructuring of the Convertible Bonds.
“Throughout the duration of the provisional liquidation, the Council, until its resignation on April 29, 2021, retained all the management powers conferred on it by the Order, subject to appropriate and necessary supervision and control. of JPL regarding the exercise of these powers, “Polarcus said Friday.
On April 29, Polarcus’ rival, Shearwater GeoServices, announced that it had reached an agreement to take over the marine seismic acquisition assets previously held by Polarcus, from Tiger Moth AS, an affiliate of Woodstreet Inc. Shearwater purchased six vessels. seismic acquisition for $ 127.5 million, and streamers and related seismic equipment for $ 50 million.
In a statement issued on Friday, Polarcus further said: “JPL completed the restructuring efforts for which they were appointed, after which they determined that the company remained unable to pay its debts as they fell due and that was in the best interests of the company that it be officially liquidated.
On June 21, 2021, Polarcus said on Friday that the court had issued an order putting the company into official liquidation and appointed David Griffin and Andrew Morrison of FTI Cayman and Lisa Rickelton of FTI London as joint official liquidators (the “JOLs”) .
“The JOLs will oversee the orderly liquidation of the Company. As part of this process, the JOLs intend to request the delisting of the Company from the OSE [Oslo Stock Exchange]”, added Polarcus.
“In view of the insolvency of the company, there will be no return of the liquidation to the shareholders of the company. As a result, there will be no further announcements to inform the shareholders of the company of the advancement of the official liquidation, “said Polarcus in it’s business
Polarcus said the JOLs will issue periodic updates to the company’s creditors at www.fticonsulting.com/creditors