The financial restructuring plan agreed upon on June 13, 2017 is based on three main components:
– equitization of the existing principal amount of the unsecured debt (i.e. around $1.63bn for the Senior Notes and €360m for the OCEANEs);
– extension of the maturity of the secured debt (i.e. around $800m);
– injection of new money (totaling around $500m) by shareholders and by some creditors to finance and/or refinance the Group’s existing Group financial commitments and provide it with sufficient liquidity.
In total, starting from gross debt of about $2.9bn before the financial restructuring, the Group would, after restructuring, have gross debt of nearly $1.2bn, with maturity extended by 5-6 years, and an increase in liquidity of nearly +$0.3bn.