Havila Shipping agrees debt restructuring with lenders

After a year of negotiations, Norway’s Havila Shipping has now agreed with lenders on a restructuring of its debt.

The agreements, which require new liquidity, are for a period of five years with each lender having the option to extend a further year.

Havila is still able to make necessary vessel investments as part of its ordinary course of business, and the payment of interest and instalments will be linked to the profitability of each vessel.

Shareholders will be diluted to 47% of the shares, while Havila Holding will maintain its ownership of 50.96% having agreed to a convertible liquidity loan of NOK100m.

A bondholder meeting and extraordinary general meeting will be called to decide on the proposal.

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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