Havilah Shipping says Monday that the owners of more than two-thirds of the company’s debt supports the company’s redningsplan, after it was voted down in the previous week.
It means that the company avoids bankruptcy, even if the support must be confirmed formally in the upcoming meetings with the bondholders.
– I see that we have got a solution, ” says Havilas cfo Arne Johan Dale to E24.
– of Course, have both landansatte and sjøansatte got a clarification that they have been waiting a long time. To describe it strongly enough, it is difficult, he says.
– the Gun against his head
– Hovedoverskriften must be that the bondholders saves the Havilah, from bankruptcy, ” says Tom Henning Slethei, spokesman for some of the unsecured bondholders, to E24.
The unsecured bondholders were put under heavy pressure last week, when a group of banks threatened to turn the company bankrupt if the bondholders do not gave in and accepted the Havilah Shippings redningsplan.
– This, we would not, under normal circumstances, said yes to. But when one has a gun to the head, one becomes forced to take such a choice, ” says Slethei.
Havilah, the Shipping will now call in to the meetings to formalize the support to the company’s proposed restructuring, which was laid out 9. november.
– the Company is pleased to have received support from more than two-thirds of the outstanding liabilities of all the company’s bond loan, type Havilah Shipping in a message.
Follow the Havilah shares in the E24s Aksjelive
CELEBRATE: Oljereder and billionaire Per Sævik, which established the Havilah, Shipping, can rejoice over the fact that the company is saved. After the plan sits Sævik family again, with 51 per cent of the shares after the restructuring.
Hard against the hard
In the last week put so banks hard against the hard in the Havilah, Shipping, after disagreement about the distribution of values in the crisis-hit company.
the Situation was put on the tip after a meeting on Wednesday where the uninsured the owners in one of the Havilas bond rejected redningsplanen.
But if the unsecured bondholders did not accept the management’s proposal to redningsplan, the company would become bankrupt, warned banks in a letter to the company.
the Deadline to accept the plan was set for Monday at 15, according to an announcement.
– We have the work of over a year of restructuring, and have had attempts at the solution earlier in the year, and so we came with the new proposal 9. november. It is now approved, ” says Dale.
– As the staff is, of course, we relieved. We know that the market we are in is difficult a long time, so it is only to continue the work with the sleeves in the same position as before, he says.
Took a long time
the Reason that the banks would declare a breach was probably a desire to be finished with a long-term process, think Slethei.
It was the first and foremost time. Banks were tired after to have kept on with this process in one year. Thus uthalingstaktikken from hovedaksjonæren succeeded, ” he says.
Slethei said Friday that some of the unsecured bondholders would probably support the proposal, in order to limit the losses. In the event of a bankruptcy, would the unsecured creditors had to take an even greater loss than if they accept the management’s redningsplan.
– respect
Havilas chief financial officer says that he understands the unsecured obligasjonseiernes desire to negotiate about values, but that it was not possible with any other solution than the one that now is approved.
– that the bondholders have tried to get the better deal, I have respect for, ” says Arne Johan Dale.
the Case continues below the advertisement.
– Seen from my side so I have to respect that all parties negotiate from the position that they have, ” he says.
This is the plan
Redningsplanen, which was proposed by Havilas management 9. november goes in the main features of the unsecured creditors ettergir much of the debt, as well as that the company postpone loan repayments, the seller ships and delivers fresh money.
After this plan shoots Sævik family into 164 million in equity and loans, while the secured creditors (including a group of banks) will convert the nok 135 million in accrued interest to shares.
the Plan is that the Sævik family retaining its share of 51 per cent in the company, whereas secured creditors receive a share of 46.5 percent.
The other existing shareholders, who currently own 49 percent of the company, have share of 2.5 per cent of the shares, according to the management’s proposal to redningsplan.
Secured to the 2020
shipping Companies and riggselskaper spent a lot of money to expand capacity and purchase new ships and rigs during the recovery. Much of this was also leveraged, and in the past a number of companies negotiated with the creditors about easing in betalingsvilkårene.
Also, Dof has gone through a restructuring. Solstad Offshore, partly owned by the Kjell Inge Røkke controlled Aker, joined recently together with Rem Offshore, Farstad Shipping has entered into an agreement with a company controlled by the investor Kristian Siem.
Now is Havilah saved for the rest of this decade.
– There is uncertainty in the market. The future is uncertain. But we have got an agreement that ensures us forward to the autumn of 2020, ” says Dale.
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