Havila’s restructuring plan not popular

Havila’s restructuring plan not popular

Troubled Havila Shipping has put pressure on unsecured bondholders and creditors holding out from approving its restructuring by warning in a release to the Oslo Bors that failure to agree to the terms will could result in the bankruptcy of the Norwegian OSV operator.

Last week Havila laid out its modified restructuring plan. However, it has not met with universal approval. While most secured bondholders have approved the plan, only about 50% of unsecured creditors have supported the motion that would see unsecured debt converted into equity.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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