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Stock impact report

Hermitage Offshore Services Ltd. (NYSE:PSV) Announces 10-Day Extension of Forbearance Agreement with the Lenders to its $132.9 Million Term Loan Facility

Hermitage Offshore Services Ltd. Ordinary Shares (Bermuda) (PSV) 
Company Research Source: GlobeNewswire
HAMILTON, Bermuda, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Hermitage Offshore Services Ltd. (NYSE:PSV) (“Hermitage Offshore,” or the “Company”) announced today that it has agreed to a 10-day extension of its previously announced forbearance agreement dated July 8, 2020 (the “Forbearance Agreement”) to its $132.9 Million Term Loan Facility dated January 14, 2020 (the “Term Loan Facility”) with DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ) (together, the “Lenders”) and DNB Bank ASA, as agent and security agent.  While the extension of the Forbearance Agreement does not address the long-term liquidity and restructuring needs of the Company, pursuant to the terms of the extended Forbearance Agreement, the Lenders have agreed to forbear from exercising any of their rights and remedies under the Term Loan Facility and any other finance agreements related to the Term Loan Facility in the event of a default by the Company until August 10, 2020.  As previously announced, the outbreak o Show less Read more
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