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.
