POLARCUS LTD [CBOE] overview

Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) announces that Nordic Trustee AS (the “Bond Trustee”) has issued a Summons to Bondholders of a proposed written resolution in the following Bond Issues (the “Bond Issues”) pursuant to a request from the Company (the “Summons”). ISIN NO0010607435: 2.875% Polarcus Limited Secured Convertible Bond Issue 2011/2022 (A Bonds) ISIN NO0010757263: 0% Polarcus Limited Secured Convertible Bond Issue...

Polarcus Limited (in provisional liquidation) (“ Polarcus ” or the “ Company ”) (OSE: PLCS) refers to the announcement issued on 11 March 2021 ( Polarcus: Share Suspension ) that the Joint Provisional Liquidators (“ JPLs ”) to the Company were required to submit a report to the Grand Court of the Cayman Islands (“ Court ”) by no later than 31 March 2021. The JPLs’ first report has now been filed at the Court. The report summarises the work undertaken since the JPLs’...

Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the suspension of trading in the Polarcus share announced on 9 March 2021 and to the order (“Order”) of the Grand Court of the Cayman Islands (“Court”) appointing named individuals as Joint Provisional Liquidators (“JPLs”) of the Company (see: announcement dated 9 February 2021, Polarcus: Appointment of Joint Provisional Liquidators). The Order requires the JPLs to submit a...

Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcement issued on 10 July 2020 announcing an award of a project in Asia Pacific. Due to the events and actions described in the Company’s announcements dated 2 February 2021 (Polarcus: Lenders Withdraw Support of Ongoing Vessel Operations) and 26 January 2021 (Polarcus Addressing Long Term Financing Structure Following Financial Default), the assigned vessel to this project has...

Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcements made on 26 January 2021 ( Polarcus Addressing Long Term Financing Structure Following Financial Default and Polarcus: Notices Of Enforcement ) and on 2 February 2021 ( Polarcus: Lenders Withdraw Support Of Ongoing Vessel Operations ). Capitalized terms in this announcement have the same meaning as given in those announcements. Throughout the above-referenced period, the...

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcements issued on 26 January 2021 concerning the enforcement of share pledges over the Former Subsidiaries. Capitalized terms in this announcement have the same meaning as given in those announcements. Since the earlier announcements, the Company has been in continuous dialogue with the Lenders and the new managers of the Former Subsidiaries (“ New Managers ”). The Company’s objective of those...

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcement issued earlier on 26 January 2021 ( Polarcus Addressing Long Term Financing Structure Following Financial Default ). During trading hours today, Polarcus Asima AS, Polarcus Alima AS, Polarcus Amani AS, Polarcus Adira AS, Polarcus Nadia AS, Polarcus Naila AS and Polarcus Shipholding AS (collectively, the “ Former Subsidiaries ”) each received default and enforcement notices sent on behalf of the bank...

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) has confirmed to the relevant Finance Parties a payment default under its Working Capital Facility Agreement. The Company intends to pursue all available options with a view to ensuring the financial sustainability of the Company and in the meantime will halt all payments of interest and amortization to finance providers. In light of the sustained economic challenges globally, the Company has been in detailed discussions with its...