rss icon Subscribe
desktop mobile

Bourbon Assets Taken Over by Creditor Banks

File image of a Bourbon offshore support vessel underway. CREDIT: Bourbon

French marine services group Bourbon Corporation, which has been in a court restructuring process after its business was hit by volatile energy markets, said its assets would be taken over by its creditor banks.

Bourbon said the Marseille commercial court had ruled that Bourbon's assets would be transferred to Société Phocéenne de Participations (SPP) from Jan. 2, 2020.

SPP is owned by BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d'Ile de France, Crédit Mutuel Equity SCR, Crédit Lyonnais, Natixis and Société Générale.

Bourbon - which employs 8,200 staff of which 1,392 are in France - has been hurt by market overcapacity and a fall in spending on services by upstream oil and gas companies.

At a Dec. 10 hearing, the court had rejected all other takeover bids and selected SPP. The banks that own SPP together hold about 75% of the Bourbon's debt.

SPP's offer proposes to acquire 100% of the assets of Bourbon Corporation and to convert into equity capital a total of 1.7 billion euros worth of debt and liabilities.

The operation will lead to the liquidation of the company and a total loss for its shareholders and bondholders, the company said earlier.

Bourbon's banking debts stood at 2.4 billion euros as of the middle of March.


(Reporting by Marc Leras and Tangi Salaün)

Dec 23, 2019

 

People & Company News

Malin Adds Marine Hatches Arm

Fraser Gunn (Photo: Malin Group)

Scotland-based Malin Group has introduced a new hatches product range to its current marine

Opinion: Getting Ahead of the Reality

Frank Coles, CEO, Wallem Group

In a few short months, the mayhem wrought by coronavirus has changed the world. Our response to

Hempel Makes Executive Changes

Pernille Lind Olsen becomes new Group Vice President for Hempel Europe & Africa starting on 1 July 2020. Photo: Hempel

Current Group Vice President for Hempel South & East Asia, Pernille Lind Olsen, becomes new Group

Legal

'Significant' GPS Interference Incidents Reported

© Paul Evan Green / Adobe Stock

The U.S. Maritime Administration (MARAD) is advising vessel operators to exercise extra caution

Nigeria Imposes Cargo Vessel Restrictions to Curb Coronavirus Spread

© PerErik  / Adobe Stock

Nigeria will only allow cargo vessels that have been at sea for more than two weeks to dock in its

Cargo Shipping to Keep EU Antitrust Exemption until 2024

© Marcus Millo / Adobe Stock

Cargo shipping companies will be exempt from antitrust rules against anti-competitive agreements

Maritime Apps