Viking Supply Ships gets support for financial restructuring

Viking Supply Ships gets support for financial restructuring

Swedish offshore vessel owner Viking Supply Ships has obtained support for a restructuring proposal from all of its senior lenders, securing the long term financing of the company.

Viking says the restructuring is now only subject to final approval from the senior lenders’ credit committees, and it expects this to be finalised shortly.

The restructuring will include the raising of $15m of new equity through a rights issue, which the company announced it would seek back in September when it first breached its covenants under loan agreements with its banks.

Additionally, there will be significant reductions in interest payments and amortisations through until the first quarter of 2020.

Financial covenants on loan facilities are also being amended to provide Viking with room to operate under current market conditions.

 

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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