Fairstar agrees deal with banks and bondholders

first_imgThe agreement provides financing to retire the company’s current indebtedness with HSH Nordbank and ABN AMRO, fund the final payments due for the construction of the 50,000 dwt semi-submersible vessel Forte, and provide for the issuance of performance bonds required for Fairstar’s growing backlog of “Red Box” transportation contracts. The company stated that the loan terms are based on an eight-year amortisation schedule repaid five years from drawdown. The interest rate is set at LIBOR plus 300 basis points. Fairstar has also received an irrevocable agreement with more than two thirds of its bondholders in Fairstar’s NOK300 million (USD53.49 million) unsecured bond to amend the current bond agreement so that Fairstar is not in breach of any bond loan covenants. ABG Sundal Collier, acting on behalf of Fairstar as the company’s financial advisor, delivered written confirmation to Fairstar from Norsk Tillitsmann that two thirds of Fairstar’s bondholders had accepted Fairstar’s proposal to modify the bond agreement. Norsk Tillitsmann, in its capacity as Bond Trustee will issue a summons to all bondholders to formalise the agreement. Philip Adkins, CEO of Fairstar, added the following remarks, “In spite of the turbulent credit environment Fairstar has achieved another significant milestone in the establishment of our company. We have secured a new credit facility that provides the financial resources we need to grow. Fairstar is an energy services company and our future is inextricably linked to the development of energy infrastructure projects.  “The Gorgon LNG Project is only the beginning for Fairstar. Australia will become the principal source of stable energy for Asian economic growth for the foreseeable future. Modular construction of the energy infrastructure required to package this energy into transportable bundles, will require a fleet of modern marine heavy transport vessels. The logistical and technical complexity of these multi-billion dollar energy infrastructure projects involves an ongoing interface between the project and the marine heavy transportation sub-contractor.  “Fairstar Heavy Transport has invested its resources in the ships as well as the people required to deliver this valuable service to major energy companies like Chevron. Our strategy has been clear and consistent. We are confident that we will add additional high value, multi-voyage, long term, “Red Box” contracts in the months and years to come. We are well aware of our responsibilities to our stakeholders and are determined to continue to establish Fairstar as the genuine leader of our industry.”last_img read more

PEP hits £1m at Mishcon de Reya

first_imgCentral London and New York firm Mishcon de Reya has reported a 5% rise in average profit per equity partner to £1m.Net profit totalled £35m for the year ended 9 April.Revenue in London climbed to £127.9m from £110m in  2014/15, with Litigation (£44m), Real Estate (£31m), and Corporate and Private (both £19m) the major contributors. In New York revenues totalled £4.8m.Mishcon has made global headlines in recent weeks for handling a legal claim against Brexit brought by what is reported to be a ‘group of concerned British citizens’. Earlier this month a number of self-styled democracy campaigners held a noisy protest over the action outside the firm’s offices on Kingsway, London.The firm has also signalled an interest in a John Lewis-style ownership model.last_img read more

Wizards sign Isaiah Thomas to one-year contract

first_imgCeltics at Wizards 5/7/17 The Washington Wizards have signed point guard Isaiah Thomas to a one-year contract worth the veteran minimum, according to ESPN’s Adrian Wojnarowski. In my opinion, this was a low-risk, high-reward signing, as the Wizards were in need of a point guard due to the departure of Tomas Satoransky. Welcome to Washington, Isaiah!Please follow and like us: Prior to signing with Washington, Thomas most notably played for the Boston Celtics, where he blossomed into a well-developed point guard and would eventually lead his team to the Eastern Conference Finals.center_img The Thomas-led Celtics defeated the Wizards in seven games in the Eastern Conference semi-finals in the 2016-2017 NBA season, and he would record a career-high 53 points in Game 2, which would propel Boston to a 129-119 victory at home. The missed games and rare starts are due to hip injuries that have sidelined him for the majority of the past two seasons. In fact, Thomas had arthroscopic hip surgery completed during the 2017-2018 season, during his short stint with the Lakers. The 30-year-old guard recorded 8.1 PPG, 1.9 APG, and 1.1 TRPG in just 12 games played with the Denver Nuggets last season. In those 12 games, Thomas would not start in any of them. In the last two seasons, the veteran guard has only played 29 games, while just starting one contest in the 2017-2018 season. last_img read more

Nasri apologises to fans

first_img0Shares0000PARIS, France, June 27 – France forward Samir Nasri said Wednesday that he regretted any upset caused to French football fans and especially children due to the strong words he used against an AFP journalist after last Saturday’s Euro 2012 loss to Spain.The 25-year-old Manchester City star, who launched into a tirade of abuse at the journalist when he was leaving the mixed zone after the 2-0 Euro 2012 quarter-final defeat, said on Twitter that his argument was with certain journalists and he would explain more when he felt it was appropriate.“There are too many different accounts going around at the moment. I would just like to let the supporters and especially the children know that I sincerely regret that my words may have shocked them. “I love the EDF (French team), football and I have a deep respect for the public.“As for the rest, it is a personal affair between me and several journalists. I will explain when the time is deemed appropriate.”Nasri, who plays with Manchester City in the English Premier League, is expected to face disciplinary charges over the outburst next week.0Shares0000(Visited 1 times, 1 visits today)last_img read more