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.
