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.
Havilah Shipping have worn in oljenedturen and now stands on the konkursens rand at the same time as it takes place in a grueling battle for the control and values of the company.
the Company was started by Per Sævik and the Sævik family is still the majority owner through the company Havilah Holding.
Havilah has 27 vessels that provide services to the oil industry, not only in Norway and the north Sea, but also in West Africa, South America and Asia.
the Value of the ships was estimated at 7,45 billion at the end of the second quarter. In 2014 was the value of the fleet is estimated to 8,14 billion.
Havilah Shipping let three ships laid up in november, including Havilah, Fortune, Havilah, Borg, and Havilah, Mercury, and 70 employees were laid off or fired.
the Company sold recently supplyskipet Havilah Princess to the faroese farming company Bakkafrost.
Havilah Shipping was started in 2003 and was the third company founded by Per Sævik, who is the father of the current ceo Njål Sævik. The first two were Sævik Supply and Havilah Supply. The first company was created in 1981.
the Company has hired 614 sailors, and 46 employees in the administration.
” 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.
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