Louis Group plc, the Cypriot hotel and cruise ship company, said it has entered in talks with its lenders to restructure the borrowings of the company.

“At the extraordinary general meeting of 17 December 2015, the main parameters of the proposed agreement were presented and explained and the shareholders of Louis plc unanimously approved the framework of the restructuring plan relating to the borrowings of Louis Cruises Ltd with DVB Bank and other Banks,” the company said in a statement.

“Furthermore, they authorised the Board of Directors to finalise the relevant negotiations. Once the negotiations are complete and the final agreement is signed, the Company will make a relevant announcement,” the company said.

At the end of September, the group that owns five elderly cruise ships, had non-current liabilities of €274.5 million and a balance sheet that totalled €677.9 million. It made a net profit of €9.0 million in the first nine months of last year, sharply lower from a €15.9 million profit in the same period in 2014. Revenues, however, rose to €198.5 million from €192.6 million.