Struggling seismic player Polarcus, which last week saw creditors take over its vessels following a debt payment default, on Tuesday said a Cayman Islands court has appointed joint provisional liquidators, after the company’s application.
“The Board remains focused on pursuing a restructuring of its indebtedness and maintaining the underlying business as a going concern. Discussions between the Company and its creditors, including the Secured Creditors, remain ongoing,” Polarcus said Tuesday.
The company said that it had “in furtherance of the Board’s desire to effect a restructuring and to maximize value for all creditors” filed an application with the Grand Court of the Cayman Islands seeking the appointment of Soft Touch Provisiona…
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