Following the recent financial default, Polarcus announced on 2nd February 2021 that the lenders no longer support the continuance of the company’s business by taking control of the its vessels, resulting in the sale of the vessels and employees to be laid off.
The lenders have also taken control of the company’s shipholding unit, as well as replacing the directors of each subsidiary and appointed their own.
Now the new managers have instructed Polarcus to sail the vessels to safe locations in order to initiate a sales process.
As a result, Polarcus announced that the company will issue a notice of termination of employment to all employees shortly.
According to Polarcus, it stated that the company will continue to co-operate with the lenders and the new managers on their instructions to bring current operations safely to an end. The company is also communicating with its clients in relation to upcoming awards for which the vessels are now no longer available and to seek alternative solutions for them.
The lenders have made clear to Polarcus that they remain open to discuss a standstill period in relation to their remaining claims and collateral with the view of finding a solution which would allow the continued operation of Vyacheslav Tikhonov, owed by Polarcus Selma Limited, a subsidiary of the company. The lenders do not hold any security in either this vessel or this subsidiary.