Want to buy back debt to the market and spit into at least 150 million in equity.
the company has in recent weeks been negotiating with banks and bondholders to reach agreements that will allow the company get through the crisis.
– Tough negotiations
banks have already expressed their willingness to reduce installment payments with almost 400 million over the next three years.
the agreement presupposes agreement with bondholders.
Read also: Havila employees say no to salary reduction
– It has been very tough negotiations in recent weeks, says CEO Njål Sævik.
Havila has an unsecured bond of NOK 500 million maturing in August.
This is the proposal from Havilah
- Havila Shipping ASA offers ongoing interest servicing on bond
- the company will buy back bonds from those who want to sell at higher price than the current market price.
- the owners will inject 300 million kroner in new equity – 100 million more than in the original agreement with the banks. Havila Holding AS guarantees 150 million.
Sævik says the offers to buy back bonds for 30 percent of face value. The final tranche of the market was down against the 20th century.
– Known by that someone does not like the solution
– For those who want to withdraw money now, they do it on better terms. For those who want to sit with bonds, they will get current interest operation, he said.
Sævik says this is a significantly improved offer for all lenders, but especially for those bondholders who do not have collateral.
He says they have several of the major bondholders on teams already, and they have given a green light along with banks.
– We believe this is such an improved solution that it should be possible to get it through. But we are aware that there are factions among bondholders who do not think this is rather a good solution, he said.
The lenders have until Monday to accept the solution proposal, before the formal bondholder meeting on 26 February.
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