Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/dolphin-geophysical-provides-update-on-restructuri.shtmlDolphin Geophysical provides update on restructuring
Group ASA ("Dolphin" or the "Company" and together with its subsidiary Dolphin Geophysical AS") regarding a restructuring of the Group's debt and capital structure (the "Restructuring").
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Group ASA ("Dolphin" or the "Company" and together with its subsidiary Dolphin Geophysical AS") regarding a restructuring of the Group's debt and capital structure (the "Restructuring").
The Company has continued to work closely with its advisors on various proposals, but is yet to reach an agreement with the Group's main stakeholders that will allow for a successful completion of the Restructuring.
Without a firm solution accepted by the Group's main stakeholders, and in light of its financial situation, the board of directors of the Company is of the opinion that the Group's current business cannot be continued as it is currently carried out.
The Board of Directors has on such basis resolved to search for alternative solutions, and unless a sufficiently acceptable solution has soon been reached with the Group's relevant stakeholders, the Company will have no choice but to file for insolvent liquidation of the Company.
