Norwegian subsea services company Argeo has suspended its decision to file for bankruptcy after receiving what it describes as "indications of interest" from more than one significant industrial player. The company had previously resolved to file for bankruptcy around July 7.
In an announcement on July 9, Argeo first stated it had received an indication of interest from an unnamed industrial player expressing interest in a transaction, including providing financing for continued operations. The company's board decided to suspend the bankruptcy filing to allow this party the opportunity to finalize a proposal.
In a further update on July 11, the company confirmed it has now received interest from multiple industrial players. Argeo stated it will continue to pursue these interests as long as they represent a realistic opportunity to secure sufficient funding.
Despite the new interest, the company warned that no agreements have been entered into and there are no guarantees that any of the processes will succeed. The board stated it is prepared to proceed with its bankruptcy filing if a viable financing solution is not found. Argeo also noted that no existing debt will be served during this period.