Havila Shipping to discuss debt restructuring timeframe on June 18

By Sarah Lizee

Olympia, Wash., May 29 – Havila Shipping ASA said it has sent notice of an extraordinary general meeting to be held on June 18 to set a new timeframe for implementation of its proposed debt restructuring.

The company said it plans to finalize the process as soon as possible after the meeting.

As previously reported, holders of the Havila Clipper HAVI 04 bonds (ISIN: NO0010590441) and the Havila Subsea HAVI 07 bonds (ISIN: NR0010605033) have voted to adopt the company’s proposal to restructure its debt.

Meetings were held on April 27 in Oslo for holders of the Havila Subsea bonds at 4 a.m. ET and for holders of the Havila Clipper bonds at 4:30 a.m. ET.

The approved resolutions had stated May 31 as the last day for entering into formal agreements, but the issuer said documentation of the unified solution has taken longer than expected.

Havila provides supply services to the offshore oil and natural gas industry. It is based in Fosnavag, Norway.

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