Reference is made to the stock exchange notice dated 23 November 2016 where it was informed that the bondholders of HAVI08 did not support the proposal for restructuring of the Company as set out in the stock exchange notice dated 9 November 2016 and the term sheet enclosed thereto.
The Company has received a notice (enclosed) from its secured bank lenders collectively that they intend to accelerate the relevant facilities, and proceed with formal acceleration notices imminently.
The Company has discussed the notice with representatives of the secured bank lenders today. The Company's Board of Directors has concluded that the restructuring proposal as set out in the stock exchange notice dated 9 November 2016 is the only viable alternative to a bankruptcy. The proposal to the Company's bondholders would in effect be identical to that described in the enclosed summons to bondholders' meetings, dated 9 November 2016.
The Board of Directors has set a deadline by 15:00 CET on Monday 28 November 2016 at the latest to obtain the required support from all stakeholders.
Contact persons for further information are:
Njål Sævik Chief executive officer +47 909 35 722 njaal@havila.no
Arne Johan Dale Chief financial officer +47 909 87 706 ajd@havila.no
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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