Norwegian OSV operator Havila Shipping has revealed details of a restructuring plan supported by bank lenders and Havila Holding, its largest shareholder.
“The restructuring plan will enable Havila Shipping to endure the severe market downturn and to continue safe operations of its fleet to the benefit of all stakeholders,” the company said in a release.
The plan gives Havila breathing room through to November 2020, replacing approximately NOK3.2bn of debt maturities in the period 2017-2019 with around NOK67m of minimum fixed amortization.
Furthermore, the net interest bearing debt will be reduced by approximately NOK1.6bn through injection of new risk capital, sale of non-core vessels, discounted debt repurchase and conversion of debt to equity.
Bondholders will now meet on November 23 to approve the plan.