Bondholders give Viking Supply Ships more timeCompany News // April 11, 2016
Viking Supply Ships says a bondholders’ meeting recently took place for bondholders in ISIN NO 001 0638158 - FRN Viking Supply Ships A/S Senior Unsecured Open Bond Issue 2012/2017, as per a summons to the meeting of 22 March 2016. The aim of the meeting was to secure agreement from bondholders to support a standstill agreement with the company's lenders.
The proposed resolution obtained 84.69 per cent of the votes, and the proposal was adopted according to the voting requirements of the Bond Agreement.
In early March the company said market conditions have had a negative effect on its earnings and financial position of the group and its liquidity position was "strained." The group was unable to fulfil existing covenant undertakings in its loan agreements, and was seeking a solution with its lenders.