Viking secures agreement from bondholdersCompany News // September 16, 2016
Viking Supply Ships says its bondholders have agreed a proposal that will allow the company to restructure.
Sufficient bondholders attended a meeting held by the company to form a quorum. The proposed resolution obtained 98.26 per cent of the votes, and the proposal was adopted according to the voting requirements of the bond agreement. The agreement will therefore be changed as set out in the summons to the meeting.
According to the proposal, 50 per cent of the outstanding par value of the bonds will be converted to quoted class B shares in Viking Supply Ships’ parent company, Viking Supply Ships AB, at SKr 1.5 per share, the bonds being valued at 55 per cent of par. The remaining 50 per cent of the outstanding bonds will be redeemed in cash at a price corresponding to 35 per cent of par.