Awilco LNG seals $57m restructuring with Teekay

Norway's Awilco LNG has sealed a restructuring deal worth around $57m that will see it extend vessel charters and sell new shares.

The company said a private placement and a follow-on offering to other shareholders will aim to raise NOK 235m ($27.77m).

Main creditor Teekay LNG has also agreed to restructure the bareboat charterparties for the company's two ships it bought in 2013 and leased back for four years with a 12-month option.