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Krillsea to pay NOK 7 million to 15% bondholders from sale proceeds
By Angela McDaniels
Tacoma, Wash., Nov. 28 - Krillsea Group AS will make a NOK 7 million payment to the holders of its 15% senior secured bonds due 2011 on Dec. 5, according to a notice to bondholders from trustee Norsk Tillitsmann ASA
The payment is equal to 16.3156% of the outstanding bonds.
The bondholders have a first-priority pledge over the company's inventory and receivables. The payment is being made following the sale of the company's inventory. The trustee said that it will continue further enforcement of the pledge and that later payments to the bondholders may follow.
As previously reported, the company's bondholders formally reconfirmed a sale of the company's M/S Thorshovdi krill trawl vessel to Aker BioMarine Antarctic II AS for NOK 130 million.
The bondholders initially rejected the plan to sell the vessel to Aker BioMarine. After no other buyer materialized, a group holding more than two-thirds of each series of the company's bonds agreed to accept the sale on the condition that NOK 20 million of the proceeds be distributed to the bondholders.
The payment date was expected to be Nov. 16. Of the NOK 17.9 million of net proceeds, NOK 5.12 million was slated for the holders of the 15% bonds. The holders of the company's NOK 53 million of floating-rate senior secured PIK bonds due 2012 were to receive NOK 10.1 million, and the holders of its NOK 40 million of floating-rate callable senior secured bonds due 2012 were to receive NOK 2.69 million.
The bondholders reconfirmed the sale at a meeting on Oct. 31. They also approved the write-off of claims against the issuer. Without the krill trawl vessel, Krillsea may have no more value. It may pursue a controlled winding-up in order to avoid bankruptcy proceedings.
Krillsea Group, formerly Krill Seaproducts AS, operates a krill fishery in the Antarctic Ocean and makes food and feeds using krill. It is based in Fosnavag, Norway.
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