Norwegian offshore firm Havila Shipping has said that bondholders have agree to a restructuring, avoiding a potential bankruptcy which looked highly likely when it received a notice to accelerate from secured bank lenders on Friday.
Bondholders had previously rejected measures proposed by the Havila board, which had been agreed to by its lenders.
The restructuring will give 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.
More than two thirds of the outstanding bonds across all bond issues approved the plan.