EuropeFinance and InsuranceOffshore

Viking Supply still negotiating with bondholders

Viking Supply Ships is still locked in negotiations with an ‘ad hoc’ committee of bondholders regarding proposed amendments to the agreement for its senior unsecured open bond issue 2012/2017.

The Oslo-listed company has cancelled a bondholder meeting scheduled for today and said it intends to summon bondholders again when the discussions have been concluded.

The  firm has already agreed a term sheet with its banks, which was signed by all parties in mid-July. Reaching an agreement with its bondholders is now the main obstacle for Viking’s long-term restructuring plan.

“Should a solution not be reached the only realistic outcome is bankruptcy of VSS,” the company stated earlier this month.

The bondholders are only willing to discuss a solution where where the bonds are redeemed in cash at a somewhat discounted price, VSS has said.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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