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Polarcus completes financial restructuring

Polarcus completes financial restructuring
Dubai-headquartered seismic vessel owner Polarcus has successfully completed its financial restructuring.

“Polarcus is pleased to announce that the conditions for the Restructuring have now been fulfilled,” the company said.

It said the technical transformation of its bond issues had now started.

The company will issue 463,491,579 Class B shares of a par value of $ 0.0013 to bondholders that chose option B under the restructuring, within the next two weeks.

“The company will work towards joining the two share classes, but can give no guarantee that this will be done as this is subject to conditions outside its control,” it said.