Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders > News item |
Codfarmers to miss payment on 15% convertibles, proposes alternative
By Jennifer Chiou
New York, July 10 - Codfarmers ASA announced that it will be unable to make the previously delayed payment to holders of its 15% senior unsecured convertible bond issue 2007/2011 and has asked holders to consider a further change.
According to a notice from trustee Norsk Tillitsmann ASA, Codfarmers will be unable to make the April 15 payment on the bonds that was postponed until Aug. 15 at a May meeting.
Holders are now being asked to consent to a debt rearrangement under which the bonds are converted into company shares at a conversion price of NOK 0.39 per share.
A meeting is set for 7 a.m. ET on Aug. 15.
In addition to the proposal, Codfarmers is inviting holders to put back their bonds at 25% of par. In order to exercise early redemption without interest, holders must take action by Aug. 9.
The notice stated that early redemption is conditioned on necessary settlements with the company's secured creditors.
Codfarmers is an Oslo-based cod-farming company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.