Media reports indicate that GOL Offshore may use its unencumbered assets to raise funds for repaying the FCCB, which was due for redemption in October.
While the company was to repay the bond holders in October 2012, it sought extension of the repayment period till April, which the bondholders rejected.
But it is learnt that the company has not yet informed the stock exchange about the refusal of the bondholders to give extension.
In 2007, the firm, which was formerly Great Offshore, raised $40 million through FCCBs at an interest rate of 7.25 percent payable semiannually.
Following the refusal by bond holders to give extension, the company defaulted on the repayment worth Rs 200 crore.
Now, the company is said to be holding discussion with the investors to work out an amicable solution, acceptable to both the sides. As part of this, the company plans to sell its unencumbered assets.
Meanwhile, some unconfirmed reports indicate that the company had made an attempt at entering the corporate debt restructuring scheme which was rejected by banks.