GC Rieber Shipping Says Two HitecVision Companies Default on Debt Obligations

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ReutersFeb 4 (Reuters) – Norway’s GC Rieber Shipping ASA said on Wednesday that two companies owned by private equity fund HitecVision V, LP, had defaulted on debt obligations.

A senior official of HitecVision could not immediately be reached to comment.

GC Rieber said in a statement that the two funds, HV V Invest Golf AS and HV V Invest Golf II AS, had not fulfilled obligations related to seller’s credit and this was due and payable.

It said the obligations related to the sale of GC Rieber Shipping’s shares in Reef Subsea AS, for which seller’s credit was provided of 180 million Norwegian crowns ($23.85 million), to which interest of 10 million crowns had accrued.

GC Rieber Shipping said it had sent a notice of default to the two HV V Golf companies.

($1 = 7.5456 Norwegian krones) (Reporting by Anthony Barker; Editing by Mark Potter)

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