Havila Shipping fails to make Feb. 29 interest payment on 2016 bonds

By Caroline Salls

Pittsburgh, March 1 – Havila Shipping ASA did not make the interest payment due Feb. 29 on its senior bond issue 2012/2016, according to a notice from bond trustee Nordic Trustee ASA.

The non-payment constitutes a default under the bond agreement, but the trustee said it has not received any instructions to accelerate payment on the bonds.

The trustee said Havila is in negotiations with its financial creditors in hopes of reaching an agreement that will “enable the company to come through the current market challenges.”

Havila does not plan to make interest or other payments to its creditors during the negotiations period, the notice said.

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

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