Havila avoids bankruptcy in 11th hour repreive by bondholders

The Norwegian OSV player said on Monday less than two hours before a deadline it had set for bondholder support or bankruptcy that it had received the required level of support.

The deadline 15hrs CET time on 28 November was set last Thursday after it failed to receive support for financial restructuring from bondholders on 23 November and then its banks accelerated loan agreements the following day as result.

“The company is pleased to announce that it has received support from more than 2/3 of the outstanding bonds across all bond issues. The company will proceed with summons for bondholders' meetings,” Havila said on Monday.

The bank lenders had agreed to a debt standstill in February this year after insufficient support was received from bondholders for Havila’s restructuring proposals.

Loss-making Havila embarked on a financial restructuring in January this year, seeking to reduce amortisation, postpone maturities of debts and covenants, and preserve liquidity, among others.