Farstad Shipping ASA – Announces outline for comprehensive financial restructuring with Siem and its secured lenders
As discussed in Farstad Shipping ASA’s (“Farstad” or the “Company”) financial report for Q2 2016, the Company is working on an overall restructuring plan to strengthen the Company’s balance sheet and liquidity position going forward. Farstad, represented by its independent board members, and Siem Oilservice Invest Holdings Limited have today signed a binding term sheet (“Term Sheet”) for a restructuring of Farstad along the following lines (the “Restructuring”): Farstad will issue a minimum of 702 000 000 ordinary shares (the "New Shares") for a total subscription of minimum NOK 1