Havila Shipping Sets Nov. 28 Deadline to Avoid Bankruptcy

Photo: Havila Shipping
Photo: Havila Shipping

Norway-based offshore services company Havila Shipping has set Monday, Nov. 28 as the deadline to avoid bankruptcy. Here’s the rundown from Reuters:

Nov 24 (Reuters) – Havila Shipping ASA :

* Has received notice from secured bank lenders collectively that they intend to accelerate relevant facilities, and proceed with formal acceleration notices imminently

* Has concluded that restructuring proposal as set out in stock exchange notice dated Nov. 9 is only viable alternative to a bankruptcy

* The proposal was rejected by bondholders on Nov. 23

* Says board of directors has set a deadline by 1400 GMT on Nov. 28 at the latest to obtain the required support from all stakeholders

* Havila’s secured bank lenders are DNB, Danske Bank, Swedbank, Nordea, Sparebank 1 SMN, Sparebank 1 Soere Sunnmoere, Sparebank 1 SR-Bank and DVB Bank, as well as Garantiinstituttet for Eksportkreditt and Eksportkreditt Norge

* CFO Arne Johan Dale tells Reuters total debt is 5.5 billion Norwegian crowns ($639.92 million)

* NOK 500 million is in unsecured bond loans and NOK 600 million is in secured bond loans in two vessels and the rest is bank debt, he says

* “As you see in the statement the conditions are clear, I don’t have any further comments, deadline is on Monday, GMT 1400,” Dale says Source text for Eikon: Further company coverage: ($1 = 8.5948 Norwegian crowns) (Gdynia and Oslo newsrooms)

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