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Monday, 23 March 2020

Maridive in talks with creditors as it struggles with covid-19, plunging oil prices

Maridive is in talks with creditors as it struggles with covid-19, plunging oil prices: EGX-listed Maridive & Oil Services is negotiating with its creditors to postpone loan repayments as the twin threats of covid-19 and the collapse in oil prices take their toll on the business. The company has said in two regulatory filings over the past few days (here and here) that the travel suspensions in place across much of the world are making it hard for the company to deliver supplies and change crews on its offshore facilities. Plummeting oil prices, it added, are having a negative effect on demand for its services. This has forced the company to open talks to receive relief on its loan repayments in light of the central bank initiative announced last week which extends the tenor of all bank loans by six months.

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