Polarcus details restructuring plans

Dubai-based seismic specialist Polarcus has made public details of its financial restructuring process.

The company’s banks, lease providers and certain bondholders and shareholders, have entered into written agreements with the company committing them to support the restructuring.

The restructuring will reduce the company’s debt level significantly with renegotiated lease terms and the introduction of new call option prices for the bonds corresponding to a potential debt reduction of $280m. In addition, debt service payments during the next two years will be reduced by approximately $140m. The company said the deals it has struck will allow it “to continue to its operations”.

As of December 7, when Polarcus first announced it was seeking to restructure, it had a cash position of $68m and a backlog of $150m.