Hermitage Offshore’s Forbearance Agreement To Its $132.9 Million Term Loan Facility

Proskauer Rose advised Hermitage Offshore Services Ltd. on the deal.

Hermitage Offshore Services Ltd. (NYSE:PSV) closed its forbearance agreement to its $132.9 Million Term Loan with DNB Bank ASA and Skandinaviska Enskilda Banken AB and DNB Bank ASA, as agent and security agent.

Under this new agreement, the Lenders have agreed to forbear from exercising any of their rights and remedies under the Term Loan Facility in the event of a default by the Company until July 31, 2020.

Hermitage Offshore Services Ltd. is an offshore support vessel company that owns 23 vessels consisting of 10 platform supply vessels, or PSVs, two anchor handling tug supply vessels, or AHTS vessels, and 11 crew boats. The Company’s vessels primarily operate in the North Sea and the West Coast of Africa.

Proskauer’s team advising Hermitage Offshore Services was led by partner Brian Rosen (Picture) and associate Joshua Esses (Bankruptcy).

Involved fees earner: Joshua Esses – Proskauer Rose LLP; Brian Rosen – Proskauer Rose LLP;

Law Firms: Proskauer Rose LLP;

Clients: Hermitage Offshore Services;

Author: Ambrogio Visconti