Fairstar Receives Proposal to Increase Existing Bank Facility by $4MM
Fairstar Heavy Transport NV (FAIR) has received a proposal from HSH Nordbank to increase the existing overdraft facility by an additional US $4 million. This will bring the total amount of the overdraft facility available to Fairstar to US $9 million.
Mark de Haas, Director of Finance commented, "This additional funding provides us with the financial resources the company needs for the first half of 2009. There has been some concern in the market that the current credit crisis, that has reduced global liquidity, would make it impossible for Fairstar to access additional credit. The combination of our current order book of contracts for Fjord and Fjell in 2009 with this increase in our overdraft will provide the anticipated funding."