Bondholders have agreed to take over moribund Middle East owner Polarcus' sole remaining vessel, while plotting expansion through a deal to acquire Fugro's seismic exploration business.
Bond trustee Nordic Trustee said a new holding company — PXGEO Group — has been formed in the Cayman Islands as part of a restructuring deal that will likely see Polarcus liquidated.
The shipowner had six of its seven ships seized by its lenders in January after it defaulted on a loan when bank waivers ended.
