Polarcus completes financial restructuring

Offshore survey specialist Polarcus has announced that all conditions for the company’s restructuring have now been completed following the issuing of around $23m worth of new shares to investors in a private placement.

In the meantime, the company will initiate the processes required for completing the conversion of unsecured bonds to shares in the company. After completion of the bond write down, the outstanding amount under each bond issue will be further reduced.

Polarcus started a restructuring in 2016, which aimed to significantly reduce the company’s debt level and support the continued operations of the company.