Harkand defaults on bondsCompany News // March 21, 2016
Bonds issued by Harkand are said to be in default. In a statement, the trustee of the bonds, Nordic Trustee, said it had notified Harkand that the bonds – Harkand Finance Inc 14/19 7.50 per cent USD C, ticker HARK01 – have been declared to be in default, and that the bond trustee has exercised its rights to replace the board of directors of the company and its two subsidiaries Harkand Atlantis Inc and Harkand Da Vinci Inc.
“Irrespective of the replacement of the current board of directors, the company continues to discuss with the bond trustee (on behalf of bondholders) a consensual solution that would render the company and its subsidiaries solvent,” said Nordic Trustee.
The statement went on to say that for now, the bond trustee has not declared the bonds to be due for immediate payment, but “all rights and remedies which the bondholders and the bond trustee may have are reserved.”