SeaBird: Facing cash crunch

SeaBird Exploration Plc says it is highly likely that it will require new liquidity by Q3 2017 and is hoping to restructure to reduce debt and attract new equity.

The seismic survey company is proposing to its bondholders and certain of its other creditors a debt restructuring of the SeaBird group that, if successfully completed, will facilitate a comprehensive restructuring of the group’s balance sheet.

Following the restructuring, debt in Seabird will be reduced by US$22.0 million and lease obligations will be reduced by US$10.4 million. The remaining debt under the SBX04 bond loan and the Glander credit facility will be US$5.0 million and the remaining lease obligations (payable in kind until maturity) will be US$2.4 million.

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