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    Havila facing bankruptcy unless bondholders fall into line

    Company News // November 25, 2016

    Havila Shipping faces bankruptcy unless bondholders finally accept a restructuring proposal it has put forward after the company received a notice of intent to accelerate from secured bank lenders.

    The collective notice of intent to accelerate means that all of the company’s facilities would become due and bankruptcy would be the only option for the longstanding, family-owned business. The notice was submitted to the company on behalf of DNB Bank, Danske Bank, Swedbank, Nordea Bank Norge, Garantiinstituttet for Eksportkreditt, Sparebank  1 SMN, Sparebank  1 Sunnmore,  Sparebank  1 SR-Bank and DVB Bank SE Nordic Branch.

    In a stock exchange notice dated 23 November 2016 Havila said bondholders of HAVI08 had refused to support a proposal for restructuring of the company as set out in a stock exchange notice dated 9 November 2016.

    Havila said it discussed the notice with representatives of the secured bank lenders today (24 November 2016) and its board of directors had concluded that the restructuring proposal it set out earlier this month “was the only viable alternative to a bankruptcy.” The proposal to the company’s bondholders would in effect be identical to that described in a recent summons to a bondholder meeting.

    The company’s board of directors has set a deadline of 15.00 CET (14.00 GMT) on Monday 28 November 2016 to obtain the required support from all stakeholders or it will be forced to declare bankruptcy.

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