Tuesday, January 18, 2022

Board resigns en masse at Polarcus

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With no real assets left, the entire board of Polarcus has resigned after banks and bondholders take over fleet.

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The entire board of Polarcus has stepped down as the final liquidation of the Oslo-listed company draws near.

All seven ships of the Middle East seismic-survey specialist have now been seized by banks and bondholders following a loan audit.

Provisional liquidators were appointed in February and it is now expected that they will move to liquidate what is left of the company.

Polarcus has no significant assets left, says the liquidators, and is unable to pay its liabilities as they fall due.

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