Finance
It kriseutsatte shippingselskapet Havilah is in trouble. – We are optimists, ” says Havilah, ceo Njål Sævik.
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the Banks will petition for breach of contract in Havilah, according to an announcement from the company.
The most secured banks in the Havilah, have in a joint letter to the company given notice that they intend to accelerate their claims under the loan agreement. It means that they will send the declaration of default of the debt. This will come in the course of a short time, it is called further in the message.
the Company has discussed the matter with the banks on Thursday and the board repeats that it made restruktureringsforslaget is “the only possible alternative to bankruptcy”.
the Bondholders voted down this proposal in a meeting Tuesday.
the Board of directors has now set a deadline to the clock 15.00 on Monday 28. november “to secure the necessary approval from all stakeholders”.
Optimist
the Bondholders must thus say yes to the proposal they voted down Wednesday in the clock 15. Monday to week. If not crave the banks the company bankrupt and joins the pledge.
” the Message is clear. I have nothing more to add, ” says Havilah, ceo Njål Sævik.
– do you Think of the solution?
– Yes, we are optimists, ” says Sævik and sounds like he has just come from a funeral.
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– Banks are trying here to force the bondholders to say yes?
– so I have no comments to. The letter from the banks is we have to relate.
the Letter from the banks to the Havilah is sent on behalf of DNB, Danske Bank, Swedbank, Nordea, Garantiinstituttet for eksportkreditt Norge, Sparebank 1 SMN, Saprebank 1 Søre Sunnmøre, Sparebank 1 SR-Bank and DVB Bank.
the Trade in shippingselskapet Havilah was at the forefront of the message is halted by the Oslo stock Exchange.
the Desired redningsplan
In the over one year has Havilah, Shipping tried to get to a solution with the lenders. The equity in the company is lost and the net interest-bearing debt of 5.2 billion.
On a obligasjonseiermøte at 13 on Tuesday was the company’s fate will be settled: the Bondholders would have to say yes to the plan that lay on the table, but on Wednesday said the bondholders voted no to the proposal. If it is no, Havilah announced that it carries the right to the probate court.
the Company’s plan B is going bankrupt. However, the parties notified the negotiations on overtime, and the company has until now worked with the banks and the bondholders to put in place a solution.
Would reduce debt
the Agreement that was voted on implies that Havilah pushes on bank debt so that forfallene are completely marginal in the next few years, the bondholders take the losses, and the company will receive new equity from shareholders with the Sævik family in the lead. With this goes the net interest-bearing debt from 5.2 million to 3.7 billion.
A group of bondholders objected to this solution, and desired that the bond debt was converted to new equity, so that they trade debt for shares and thus get the opportunity to get back some of the lost.
the voting results on Wednesday showed that there was trouble with the to get approved redningsplanen in all of the company’s four bond issues. In three of these, there was not sufficient attendance among the bondholders, while in the past the loan, called HAVI08, there was sufficient attendance, but only a little under a third of the låneeierne voted for redningsplanen.
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