Shipping
Havilah Shipping got a no from the bondholders. – I do not feel this is a victory, ” says Tom Henning Slethei in the committee who voted against the redningsplanen.
the Article is added to your reading list.
In the over one year has Havilah, Shipping tried to get to a solution with the lenders. Equity is lost and the net interest-bearing debt to 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.
Result: the Bondholders said 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. But the party says it will negotiate on overtime. The company is now working with the banks and the bondholders, and intends to present a revised proposal “within a short time”, states in a message after obligasjonseiermøtet.
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.
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.
View more
A group of bondholders have were on this solution, and desired that the bond debt should be 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.
Surprised
Only 29 per cent of the bondholders voted for the Havilas suggestions to gjeldsløsning. It shows that a large majority were against the proposal and supported our arguments, thinks investor Tom Henning Slethei in the ad-hoc committee of the bondholders who voted against the proposal.
I’m surprised that so many voted against. I do not feel this is a win. We have all lost since we haven’t managed to come up with a decent proposal we can agree on, ” says Slethei.
When the company put forward the proposal to the gjeldsløsning, claimed Slethei that at least 40 per cent of the bondholders would vote against, and to block the proposal, which required two thirds majority.
This was an expected and predikert result for us. It is disappointing that the company once again put forward a proposal that did not receive support from the bondholders, ” says Slethei.
Has been dialogue
the Company’s proposed solution in January was also stopped by the bondholders. Slethei hope now in new negotiations with Havilah.
I can tell that there has been dialogue in recent days between us and Havilah. Our purpose is to save the company. We will try together with the Havilah, to enter into dialogue to find a solution for permanent operation, ” says Slethei.
In the message after obligasjonseiermøtet Wednesday writing Havilah, as in the formal jargon is referred to as the “issuer” of the bond loans:
- the Issuer is continuing a close dialogue with the banks and secured and unsecured bondholders, with the purpose to be able to present a revised proposal within a short time. The issuer is continuing the business including a continuous and safe operation of the vessels against all kontraktsmotparter – including the operation of the suppliers of goods and services.
Slethei believe today’s message is positive.
” It is positive that Havilah does not threaten with bankruptcy in today’s announcement. There is a solution-oriented tone, and it is positive. I hope this brings us closer to the negotiating table to find a solution everyone can live with, ” says Slethei.
Many in trouble
Havilah is one of the many shipping companies that are in trouble. Farstad Shipping dealer with banks and financier Kristian Siem with the aim of getting to a solution. Island Offshore and Olympic Ship working frantically to get to a solution. Eidesvik Offshore has recently commenced negotiations with the banks.
Among those who have put in place a new financing solution is Solstad Offshore, which also has acquired Rem Offshore and Dof.
the Question is whether the shipping companies are finished with ryddejobben or if the clean-up in debt is extensive enough to make it through the downturn.
Crisis to 2021?
most of The adds because of the need to clear out to 2020. The commander of Giek, Wenche Nistad, expect that the current downturn lasts until 2021, and that several shipping companies have to restructure again and that more shipping companies will go bankrupt. Giek has guaranteed 27 billion in debt to offshoreserviceskipsrederiene and together with the largest banks, such as DNB, Nordea and Danske Bank, which has the most billion on the games.
No comments:
Post a Comment