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    Brovig takes action to alleviate financial woes

    News // September 27, 2002
    Seabrokers reports that the board of Brovig, the listed Norwegian owner of two well test vessels that have been out of work for several months, plans to convert two bonds totaling NK243.9 million ($32.5 million) into shares in an effort to ease the company's dire financial position.

    The board also proposes that NK80M-100 million be raised through an issue of new shares against cash. The planned share issue price in the cash offer is NK1 or NK2, while the figure for the NK178.5M bond is NK3 and for the NK59.9M bond NK6.

    Bondholders have agreed to the board's proposal to freeze interest payments for a period to allow the directors breathing space to restructure the company's finances

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