published Fri, February 10, 2012
Restructuring update from Sevan Marine
Negotiations between Teekay and E.ON are continuing and remain constructive. It is expected that final agreements will be signed within the new standstill window to be agreed.
As described in the Press Release dated February 1, 2011 and
Prospectus dated December 7, 2011, the standstill arrangements with
ING Bank N.V and E.ON regarding the Voyageur project expired,
January 31, 2012 and the parties expected the agreements to be
executed by close of business today, Friday, February 10, 2012. It
has come to our attention that the parties will not be in a
position to execute the agreements today and an additional
extension to the standstill arrangements will now be sought.
No assurance can be given that such agreements will in fact be
finalised. Further updates will be provided in due course.
Date: 10/02/2012