The Marseilles Commercial Court recently examined two takeover offers for OSV operator Bourbon Maritime and Bourbon Corporation company. The first offer was from the French company Société Phocéenne de Participation, while the second one came from the de Chateauvieux on behalf of JS & Co.
With the Chinese bank ICBC Leasing expressing its intention to demand from Bourbon Corporation the payment of all outstanding rental payments up to 2026, Bourbon Maritime and Bourbon Corporation have been under takeover offers, since the Commercial Court of Marseilles rejected its reorganization proceedings requests.
Specifically the first offer from the Société Phocéenne de Participation (SPP), involves a group of Bourbon’s creditors, owned by several French banks. The company also represents about a 75% of Bourbon’s debt.
As for the offer, concerns 100% of the assets and activities of Bourbon Corporation resulting to a debt-for-equity swap, which would cover about $1.5 billion dollars of Bourbon’s duties and about $330 million of debt in repayable bonds, as well as $165 million in bank financing.
In case that the offer be accepted, the holding company Bourbon Corporation would be liquidated, meaning a total loss for shareholders and bondholders.
Although, Bourbon Maritime (Bourbon Offshore) will still keep its position in operating under a carry-on plan, including the company’s strategic action plan “BOURBONINMOTION” digitalization and restructuring initiative. While the group holds 75% of Bourbon’s debt, will also have the ability to present a continuation plan that is already accepted from most creditors.
If the SPP eventually takeover, plans to provide to the company a supervisory board of 8 to 10 members, including shareholders and industry experts, and a group management team composed of Gaël Bodénès, chairman, and Thierry Hochoa.
The court’s decision, if it were to favor the SPP’s offer, would lead to the liquidation of the listed company BOURBON Corporation and a total loss for shareholders and bondholders. It would make BOURBON Maritime’s new shareholders responsible for the recovery of a French company, which is still the world leader in offshore oil and gas marine services, its future development and the preservation of its decision-making centers in France.
… said the Chairman and CEO of Jacques de Chateauvieux.
The second offer, came from de Chateauvieux on behalf of JS & Co. but it could not be further examined, since Chinese company ICBC Financial Leasing, which supports the Société Phocéenne de Participation proposal, denied to make any discussions, ignoring a possible agreement with JS & Co. Concluding, the Court announced that the final ruling is scheduled for 23 of December.
