Rising over 300 per cent on the stock Exchange – Today’s Business

Finance

Gassfraktrederiet I. M. Skaugen rose over 300 per cent on the Oslo stock Exchange on Tuesday, after having been warned against the bankruptcy a year earlier.

Published: 24.01.2017 — 15:55 Updated: 24.01.2017 — 16:51

the Article is added to your reading list.

Gassfraktrederiet I. M. Skaugen was up 306,79 per cent on the Oslo stock Exchange on Tuesday. A period was stock up in the 350 million, before it fell back before closing.

price advances came after the company on Monday night reported a contract for three vessels which will transport liquefied natural gas (called lng – liquefied natural gas) for power generation in Africa. The contract is of 352 million (42 million dollars) annually, about 3.5 billion kroner (420 million dollars) over a ten year period.

the Company is controlled by the shipowner Morits Skaugen and his siblings through the company Eikland, which owns 36 per cent of the listed company. Morits Skaugen is the company’s president and ceo. I. M. Skaugen has struggled in the uphill battle the last few years and was in may last year, warned against the bankruptcy of the auditor in PwC.

By 2017s beginning informed the company that it had hired the investment firm Arctic Securities as advisor.

Postpone maturity structure with

the Company had a net loss before taxes of 13 million dollars last year in the first three quarters, and net interest-bearing debt of 100 million dollars, which bonds and other interest-bearing liabilities make up most: 88 million dollars.

9. January of this year notified the company that it wanted to postpone the duration of the bond the due date to the 17. February 2017. This is to get the time to present your creditors for a combined proposal to refinansieringsplan.

the Bondholders had a meeting with the Nordic Trustee (Norsk tillitsmann) in Oslo on Monday. The bondholders decided at the meeting to approve the company’s proposals such that the maturity structure with exposed.

The 101-year-old company that had assets worth billions, had on Tuesday afternoon 243,53 million in market value thanks to the strong price advances.