OXE MARINE ANNOUNCES DISCUSSIONS WITH THE EIB AND MAJOR BONDHOLDERS TO RENEGOTIATE TERMS IN ORDER TO REINSTATE THE BALANCE SHEET
OXE Marine AB (“the Company”) has entered into discussions with major bond holders and the European Investment Bank (“EIB”) in order to negotiate a viable financing structure that allows the Company to reinstate the balance sheet and continue on its growth trajectory with a financing structure that benefits the Company in the long term and enables it to grow without working capital constraints, ultimately to the benefit of the shareholders, the bondholders and the EIB.
Discussions with major bondholders and the EIB are ongoing with an aim to reach an agreement to amend the terms. Management are encouraged with the progress the business has been making, and are positive towards finding a viable financing structure that would support the long term development of the business.
Earlier today the Company released its Q2 report where it highlighted growth in the US market “The recent orders in the US have shown the momentum OXE is gaining in the governmental segment, receiving orders from two different agencies. In addition to this OXE also received a significant order to deliver OXE engines to a US boat builder which are to be built in our US facility, showing the importance of having a presence in the market.” says Paul Frick, CEO of OXE Marine AB.
