Bergen Group maps out refinancing plans

Bergen Group maps out refinancing plans

Norway’s Bergen Group says it has nearly finalised a restructuring and refinancing process to secure the long-term future of the company.

The restructuring key elements include a voluntary debt restructuring to halve creditors’ claims against the group exceeding NOK 100,000 ($12k) and settlement of the remaining claims, a pre-committed private placement to raise NOK 22 million ($2.7m), and a loan facility of NOK 20 million ($2.4m) from the company’s two main shareholders at favourable terms.

The company is also looking to reduce existing debt to Eastern European Investment Management by more than 50% and transform the remaining portion of the debt to a convertible loan of EUR 1.8 million ($2m).

Lastly, a subsequent repair issue with gross proceeds of up to NOK 5.3 million ($640k) is planned.

“This refinancing is considered crucial to enable Bergen Group ASA to start structuring the future industrial group” commented Hans Petter Eikeland, CEO of Bergen Group.

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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