Havila Shipping ASA Fights Back Against Allegations
In a recent disclosure, Havila Shipping ASA is taking a stand against allegations made by certain banks regarding defaults in a restructuring agreement. These allegations surfaced following a stock exchange announcement that detailed the financial arrangements involving three bank lenders and bondholders.
Understanding the Restructuring Agreement
The restructuring agreement outlines that three banks and bondholders had planned to have their debt settled by the end of a specified year. Alongside this, these banks decided to extend the agreement for another year concerning certain operational vessels and several others that were sold.
Financial Details of the Agreement
Within the framework of the restructuring, cash settlement worth NOK 499.6 million was secured through a bond issue. Furthermore, a non-interest-bearing debt amounting to NOK 522.3 million was converted into shares, thereby restructured for the benefit of all parties involved.
Vessel Financing Notes
The three banks that opted for extending the restructuring agreement are now financing the PSV vessel Havila Foresight and the subsea vessel Havila Harmony. Together, these vessels carry an interest-bearing debt of around NOK 151.5 million, along with a non-interest-bearing debt totaling NOK 616.3 million related to their operations and other sold vessels.
Navigating the Allegations
Recently, the banks communicated concerns regarding the refinancing process and the issuance of the bond loan designed to help in the settlement of debts. They argue that these actions are in breach of the current restructuring agreement. They have also claimed that certain situations potentially breach the agreement, raising the potential of declaring a default on the outstanding debts, including both interest-bearing and non-interest-bearing components.
Company’s Response to the Allegations
Havila Shipping ASA firmly disputes the claims made by the lenders about the restructuring agreement's violation. The company emphasizes its commitment to uphold its terms and will take legal actions to settle the matter if deemed necessary.
No Cross-Collateral Implications
It is important to note that there are no cross-collateral or cross-default implications related to the NOK 525 million bond loan that was issued as part of a previous arrangement.
Contact Information
For further clarity, stakeholders may reach out to Chief Executive Officer Njål Sævik at +47 909 35 722 or Chief Financial Officer Arne Johan Dale at +47 909 87 706 for any inquiries regarding this matter.
Frequently Asked Questions
What is the main issue Havila Shipping ASA is facing?
The company is disputing allegations from banks claiming breaches of a restructuring agreement related to debt settlement.
How did the company respond to the banks' allegations?
Havila Shipping ASA firmly disputes the claims and is prepared to resolve the issue legally if necessary.
What was the financial arrangement regarding the vessels?
Three banks are financing the PSV vessel Havila Foresight and subsea vessel Havila Harmony, with significant interest-bearing and non-interest-bearing debts tied to them.
What steps has the company taken financially?
The company secured cash through a bond issuance and converted non-interest-bearing debt into shares to manage financial obligations.
Who can stakeholders contact for further information?
Chief Executive Officer Njål Sævik and Chief Financial Officer Arne Johan Dale are available for inquiries regarding this issue.
