Friday, November 25, 2016

Bond holder in Havilah, provides up – E24

Investor Tom Henning Slethei ask now the bondholders in Havilah Shipping about to vote for the redningsplanene that the company put forward earlier in november.

On a obligasjonseiermøte earlier this week, the bondholders voted against the plan.

Slethei led a group of bondholders that have long been opponents of Havilah-the management’s proposal for the restructuring of the debt-ridden company.

According to DN.now, however, Slethei now reversed.

” We have had intense meetings and dialogue and recommend people to turn around and vote yes to the proposal, he says to DN.no.

Opposite the E24 explains Slethei turnaround with that in the first round was the company itself that is threatened with bankruptcy, while now, banks have entered the field and given the pipe a different sound:

Since we stood up as a group to recommend to vote no, we must now point out that the severity of the threat has risen dramatically, he says to E24.

– it Is now a majority for the plan?

– No, there is not majority support for the plan as we see it now. We have talked with some of the largest funds who probably vote no, but have not decided 100 per cent. The flying is cursed.

the Banks threatened with bankruptcy

the Face of DN.no, he’s pointing out that there is a large sannynslighet that banks turn company bankruptcy whether or not the bondholders provides for. When will the bondholders get even less back than if the proposed plan is followed.

After obligasjonseiermøtet last Wednesday, warned the banks that they had started the process that might have ended with that Havilah, the Shipping was bankrupt.

So is kriseplanen

Havilah-the plan shall in brief make sure that the shipping company is kept afloat over the next few years through deferrals of billion in installments, the sale of ships, supply of fresh money, plus the fact that unsecured creditors must take losses.

It happens through a number of steps, according to the presentation of the plan.

Sævik family, which is the main shareholder, shoots in the new capital of 164 million, spread over 118 million in equity and 46 million in shareholder loans.

After the supply of new equity from Sævik 118 million and the hedged kreditorenes conversion of accrued interest on 135 million shares, the ownership structure look like the day of the restructuring to be implemented.

Sævik: 51 percent of the shares

The secured creditors: in a rate of 46.5 per cent of the shares

The other existing shareholders: 2.5 per cent of the shares

The unsecured creditors will receive repayment of 15 per cent of these, a total of nok 950 million. Islandsbanki will get 22.5 million, Arion Bank 45 million and unsecured bondholders 75 million.

In addition, the unsecured creditors 500 million warrants.

Existing shareholders get the opportunity to draw in a subsequent offering of nok 30 million, but this will, according to Havilah not compensate for utvanningseffekten.

No comments:

Post a Comment