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Viking Supply Ships raising funds after covenants breached

Viking Supply Ships raising funds after covenants breached

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Viking Supply Ships has announced that it is in breach of its covenants under loan agreements with its banks.

Citing weak market conditions, the company has breached its twelve month rolling EBITDA ratio and is now in dialogue with its banks to find a solution. It will need a capital injection to be compliant with its loan agreements and ensure it has sufficient working capital going forward.

Viking is calling an extraordinary general meeting of shareholders to propose a rights issue looking to raise SEK120m ($15m).

Majority shareholder Kristefos will vote in favour of and subscribe to the rights issue. Kristefos currently holds 75.3% of all shares.

The rights issue will be be carried out during the fourth quarter of 2017 and funds will be reinvested subject to certain conditions being met by the company’s banks.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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