Havila Shipping has been agreed with the main bondholders on a new financial structure of the company, according to a stock exchange announcement Friday morning.
The share price rose
The price trend in the hours after the news broke, suggesting that the market believes that the offshore company successfully conclude proposal. Towards the end of the day had Havilah share on the Oslo Stock Exchange has risen by just over 18 percent.
The listed company has a debt of 5.8 billion and had extended the deadline to reach an agreement with the borrowers.
Have not secured majority
the company states that the new proposal is the result of dialogue with lenders, but they have failed to secure a majority of all bondholders.
– the company’s financial position remains strong challenging, and it is essential for continued operations that the financial restructuring is in place, the statement said.
the agreement that was presented Friday means that the owners enter with equity of 300 million.
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Sævik family will retain control of the company, via company Havila Holding, and has guaranteed that they enter with 153 million.
– Deadline to midnight Monday
The largest bondholders in the company’s bond issue has given the green light along with the banks that have lent money to the company.
However, the deadline for to get everything in place is short.
– We now go out with this after receiving support from several of the major bondholders. But we know that there are still owners who do not agree to this. We have a deadline of noon Monday, there is agreement with the banks. And it is therefore necessary for the company to go out with this now, says Njål Sævik Sunnmørsposten.
Background:
Worried Sunnmore ownership (requires login)
Havila- owners take big losses
Havila employees say no to pay cuts
Within the deadline the company must be approved the new agreement among a sufficient number of bondholders. If it does not, the company is “forced to consider other options, including the possibility of further negotiations with their creditors,” according to the message.
Will also buy back debt
The company will Besides buying bonds from those who want to sell at a higher price than the current market price. Havila has an unsecured bond of NOK 500 million maturing in August.
– We can buy back at a price 11 percent above the last traded bond, with a limit of 275 million, said CEO Njål Sævik.
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