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Codfarmers calls repeated bondholders meeting to vote on restructuring
By Marisa Wong
Madison, Wis., Jan. 8 - Codfarmers ASA is calling another bondholders' meeting on Jan. 17 in Oslo, according to a notice from trustee Norsk Tillitsmann ASA.
As previously announced, Codfarmers is seeking consents from holders of its NOK 100 million of 15% senior unsecured convertible bond issue 2007/2011 to approve a proposed restructuring.
A bondholders' meeting was originally scheduled for Jan. 7, but there was not a sufficient number of bondholders represented at the meeting to form a quorum.
As a result, Codfarmers requested that Norsk Tillitsmann summon another meeting to consider the proposal. This time, however, there will be no minimum requirements to form a quorum.
The Oslo-based cod farming company said it has been hit by a substantial loss related to disease in fish ready for harvesting and has had to implement cost-cutting measures.
The company is looking for approval of a voluntary debt rearrangement. Under this proposed plan, claims as of Dec. 16 will result in the following:
• Governmental claims and claims with priority under the law will be paid in full;
• Unsecured claims of up to NOK 10,000 will be paid in full; and
• Unsecured claims of more than NOK 10,000 will be paid at NOK 10,000 plus 50% of the amount in excess of NOK 10,000 no later than April 15.
To approve the plan, at least two-thirds of the bonds represented at the meeting must vote in favor of the resolution.
As reported by Prospect News, the company stated on Nov. 28 that it was not in a position to make installment and interest payments due Nov. 30 on the bonds.
Questions may be directed to Norsk Tillitsmann at mail@trustee.no.
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