Havila Shipping Avoids Bankruptcy with Last Minute Deal

Photo: Havila Shipping

Norway-based offshore services company Havila Shipping says it has reached a last minute deal with all stakeholders, avoiding bankruptcy.

Havila announced Monday that it has received support from more than 2/3 of the outstanding bonds across all bond issues.

The support comes after a Nov. 24 stock exchange notice announcing that Havila Shipping’s Board of Directors had set the deadline for obtaining support to today, Monday, Nov. 28.

Last week the company said it had received notice from its bank lenders collectively that they intended to accelerate relevant facilities, and proceed with formal acceleration notices imminently after bondholders rejected a restructuring proposal described as the “only viable alternative to a bankruptcy”.

The company’s debt is said to amount to $639.92 million.