Fosnavåg-shipping company Havila Shipping ASA has agreed with all its banks regarding a restructuring plan. The plan ensures operation for the next four years.
The company has long been in negotiations with creditors and banks and an earlier proposal for refinancing has been voted down by the bondholders.
Also this new proposal for restructuring must be approved by the bondholders before it can take effect.
According to a press release Havila Shipping will be dropping to repay debt of 3.2 billion that has matured from 2017 until 2019.
Instead the company is committing to repay around 80 million annually for four years.
The interest-bearing debt will be reduced by about 1.6 billion, through the issue of new equity, the sale of ten of the company’s total of 27 ships, repurchase of debt at a discount and conversion of debt to equity.
Havila Shipping has one of the newest fleets of the major offshore shipping companies in Norway and headquartered in Fosnavåg.
Source: NTB scanpix / Norway Today