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I.M. Skaugen holders may put back bonds at 101 early redemption price
By Jennifer Chiou
New York, March 10 - I.M. Skaugen SE said that holders of its bonds with ISIN NO 001 0294358 may put back their securities for 101 plus accrued interest, the same price as the early redemption offer, after the company failed to receive the needed consents to adopt modifications to the loan agreement for the bonds.
At a Wednesday meeting, I.M. Skaugen said that there were sufficient bondholders to form a quorum and though the company's proposed resolution obtained 62.69% of the votes, this did not meet the minimum to pass the proposed changes.
The Oslo-based marine transportation service company said it has engaged Fearnley Fonds ASA as financial adviser.
Holders may direct questions to Thomas Berg-Nielsen (47 22 93 63 51 or tbn@fearnleys.no).
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