Shipping
The debt-ridden company Havilah is saved from bankruptcy.
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the Creditors had a deadline to at 15 Monday to vote for redningsplanen that lay on the table. It was the investors in the company’s bond issue that would decide it all. When they voted over the proposal on Wednesday of last week, there was not enough said yes, but Havilah announced that it would go a ekstrarunde with the bondholders to try to get a solution.
But that did not work.
Final decision
the Banks, which have lent the company around nok 4.5 billion, warned Thursday that if the bondholders did not vote for krisepakken that were already negotiated, they would covet Havilah bankruptcy.
Havilah Shipping has debt of nok 5.6 billion.
Banks go on sliding on the debt of 3.2 billion with a maturity until 2019.
the Debt is reduced by nok 1.6 billion including by selling one third of the boats and do about debt to equity.
A group of bondholders protesting and want their debt to be converted to equity.
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the Bondholders, who have lent out 1.1 billion to Havilah, have thus had time to think about since Thursday if they still say yes to the agreement.
When all the votes were counted on Monday afternoon, it became clear:
the Bondholders turned around and said yes, thus is Havilah saved.
Celebration?
Havilah, ceo Njål Sævik says he is glad for the support from the bondholders.
When he realized it was a solution?
It was only now in the afternoon. It was only when everything was in place, ” says Sævik.
Now, all the formalities in place and krisepakken to be taken.
Is this sufficient to take the company through the crisis?
– Now we’ll get to november 2020, given the assumptions we have made.
– Is there anything you and the company could have done differently in this process?
There are certainly many things that everyone involved could have done differently. It is only to lament that it has taken so long. The market is challenging, the negotiations have been tough. This has been painful for all, for banks, for egenkapitaleierne and for the bondholders. I’m glad we got a solution.
– Fear you bankruptcy in the last few days?
– Yes, it was a real alternative in the last few days.
And now there will be celebration?
– no, No. There are lots of meetings. We can’t rest on our laurels. We must roll up our sleeves and stand on on.
Protests
In the over one year has Havilah, tried to come to an agreement with banks and bondholders about a solution to the gjeldsproblemene.
The final redningspakken, as it now has been put to a vote, means that the banks are pushing forfallene, parts of the bond debt the confusion while the rest is turned into new equity, plus the shareholders with the Sævik family in the lead going in with fresh capital. Thus, the cut net interest-bearing debt from 5.2 million to 3.7 billion, according to the company’s presentation of krisepakken.
Bondholders have were, and wish that the entire bond debt will be converted to shares so that they don’t have to take a loss. This has not the company and the banks accepted.
Before the weekend took the matter a new turn, when a spokesperson for the bondholders went out and asked about that kriseplanen nevertheless it was accepted by the bondholders.
Of bond debt of nok 1.1 billion is 500 million unsecured. The rest of the bond debt and bank debt is secured by a pledge of Havilas ships.
Total liabilities for the second quarter is six billion. The company has 27 vessels, most within dredging applications and plattformforsyning.
More in trouble
Havilah is not the only company in the industry for offshoreserviceskip who are, or have been in trouble.
Check the share price of the kriserederiene here.
Dof has put in place new funding, the same have Solstad as with Kjell Inge Røkke Aker as a shareholder, bought up Rem Offshore.
Farstad Shipping is in the process of putting in place new funding, with help from investor Kristian Siem. A merger of Farstad and Siem Offshore is in the cards.
Among them, struggling desperately to raise new capital and survival is Island Offshore and Olympic Offshore. Both negotiate with the creditors to find a solution. Eidesvik Offshore has also notified the negotiations with its banks to manage through the crisis, which is assumed to extend to 2020 or 2021.
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