French Banks Want to Buy Troubled Bourbon
A group of French Banks has placed a takeover offer to buy the also French and insolvent offshore service vessel (OSV) giant Bourbon. On Wednesday 9 October, the financially troubled company asked Euronext Paris to suspend the listing of its shares in anticipation of other offers.
Bourbon has been undergoing a court-led reorganisation since August 7 to deal with the company’s massive debts. The OSV market has been under severe pressure since the oil price dropped in 2014.
Bourbon has not disclosed the details of the offer, but did issue a brief statement in which the company says other offers could be received.
‘As other takeover or continuation offers could be received by the Court Administrators, Bourbon Corporation has asked Euronext Paris to suspend the listing of its shares as of today and until the Commercial Court has completed its analysis of the various options,’ the company states in the release.
Over the past few weeks, Bourbon was mostly in the news due to the sinking of its tug Bourbon Rhode.
Picture by Alan Jamieson.
This article has been re-published from Project Cargo Journal, a sister publication of SWZ|Maritime.