Restructuring program – ST3 Offshore is turning the corner
ST3 Offshore started restructuring program of the company. The application to open restructuring proceedings submitted by the new management board of the company in the District Court has been considered positively. It enables an implementation of recovery plan and stabilization oft he company.
Court’s decision lets the factory operate normally and without any disruptions. This is very good information for us – said Mr Andrzej Czech, the president of ST3 Offshore’s management board – The submitted application for restructuring proceedings was assessed positively by the Court, who has also accepted the court supervisor, pitched by us.
Court supervisor’s task is watching over preparation and realization of restructuring proceedings. Restructuring plan and a list of receivables have been upgraded and submitted in the Court. During consideration of restructuring proceedings apllication by the Court the company has already paid off 50% of claims. Full stabilization will be achieved after entering into arrangement with creditors. The agreement lets the company settlement of all other debts according to terms and rules, and enables its operation continuity, specially for the period of 2020-2030, when many wind farms investments on Nord Sea and Baltic Sea are planned (including construction of Polish wind farms).
The agreement signed with stakeholders and clients in October 2017 has taken another turn in ST3 Offshore‘s activity. Present miniority stakeholder – Closed-End Investment Fund - MARS – has acquired 80% of company’s shares and gained full operational controle over the company. With Danish concern Orested (ex DONG Energy) – ST3 Offshore’s main customer - a new contract schedule has been negotiated. The works are going on according the plan. The execution of contract for Borkum Riffgrund 2 OWF is predicted for June 2018.