HeSaLight placed in bankruptcy at direction of bondholder committee

By Caroline Salls

Pittsburgh, Nov. 2 – The trustee for HeSaLight A/S’ 7% senior secured bond issue 2014/2019 filed for the bankruptcy of HeSaLight after the company failed to meet a payment demand, according to a release from bond trustee Nordic Trustee A/S.

As previously reported, the trustee accelerated payment on the bonds on Sept. 9, but HeSaLight did not make the required payment within 10 days.

The trustee said a committee representing 93.7% of the outstanding bonds has been working on various solutions to handle the company’s financial situation, including exploring the possibility of obtaining new financing.

However, the trustee said no viable and long-term solution that would have allowed HeSaLight to continue its business has been found.

The bankruptcy filing was made on instruction from the bondholder committee.

HeSaLight is an LED maker based in Roskilde, Denmark.

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