The second largest shareholder of debt-laden Norwegian offshore vessel owner DOF is resigning from its board, shortly after he helped oust the former board members.
Bjarte Brønmo, who joined DOF’s board just over a month ago, has resigned “on his own initiative”, the company said in a regulatory filing.
Brønmo, together with a group of rebel shareholders, succeeded in setting up a new board of directors in DOF, with himself as one of the members.
A large group of minority investors who revolted against the Oslo-listed company’s restructuring plan voted out DOF’s four directors in December. The new board is chaired by a corporate restructuring expert, Leif Salomonsen, who once served as CEO of Norwegian offshore fabricator Kvaerner.
Last year, DOF filed for reconstruction proceedings with the Hordaland district court after the voluntary restructuring scheme that was agreed upon between the company’s old board and the creditors failed. The so-called forced reconstruction would leave the shareholders with 1% of the shares in DOF. If this is also voted down, DOF will enter bankruptcy proceedings.
