Havila escapes bankruptcy after bondholders support restructuring plan

Norwegian offshore vessel operator Havila Shipping has received support for its restructuring proposal, regarded as the only viable alternative to bankruptcy. 

The vessel owner said in an Oslo Stock Exchange filing on Monday the company received support from more than 2/3 of the outstanding bonds across all bond issues. The company added it will proceed with summons for bondholders’ meetings.

To remind, the company’s bondholders last Wednesday did not support the previously restructuring proposal which then prompted a notice from Havila’s secured bank lenders stating their intention to accelerate the relevant facilities and proceed with formal acceleration notices imminently.

Following discussions with representatives of the secured bank lenders on last Thursday, the company’s board concluded that the proposed restructuring proposal was the only viable alternative to a bankruptcy and therefore set a deadline for obtaining support from all stakeholders for the company’s restructuring proposal at 15:00 CET on Monday, November 28, 2016.

The restructuring plan is supposed to enable Havila to endure the severe market downturn, continue operations of its fleet, and provide it with a financial runway until November 2020.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on November 28, 2016 with tags .

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply