Aker Kvaerner holders decline amendments to 8 3/8% bonds due 2011

By Jennifer Chiou

New York, May 15 - Aker Kvaerner said holders of its 8 3/8% subordinated open bonds due 2011 voted against amendments to the loan agreements.

The proposed amendments were intended to structure the company's debt in a more traditional way at the parent company level and to clarify certain restrictions in the dividend covenant.

"The refinancing strategy and dividend policy of the Aker Kvaerner group remains firm and the decision in the bondholders meeting will not affect ongoing processes in the company," executive vice president and chief financial officer Bjørn Erik Naess said in a news release.

Aker Kvaerner is a Lysaker, Norway, oil and gas, engineering and construction services provider.

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