Bondholders push for control of Havila

Havila

Havila Shipping ASA (“Havila Shipping” or the “Issuer”) has been advised that bondholders representing a minority stake (the “Bondholders Group”) in the Issuer’s unsecured bond loan HAVI 08 have instructed Nordic Trustee ASA to call for a bondholders’ meeting to be held on 24 November 2016 (the “Summons”).

The proposals as set out under clause 2 and 3, respectively, of the Summons, are not expected to be supported by the Issuer, nor by the majority of the Issuer’s financial creditors, since the Bondholder Group has not advised that it has new equity in form of cash and likewise an alternative financing committed for the Issuer.

Havila Shipping has called for a bondholders’ meeting to be held on 23 November 2016, with a proposal for restructuring the financing of the Issuer, and as informed in the stock exchange notice of 9 November 2016, the proposal is being supported by both secured and unsecured lenders.

Havila Shipping is maintaining the proposal as set out in the summons dated 9 November 2016, and will consequently seek the required support from the bondholders for the proposal as set out in the summons of 9 November 2016.

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