Havila Shipping is issuing new stock to settle debt as part of its restructuring.

The conversion will see it award 124.2m shares worth NOK 16.14m ($1.97m) at the current price of NOK 0.13.

Banks have 60.9m subscription rights related to the remaining debt after the sale of the 103-bp POSH Vibrant (built 2008) and 104-bp POSH Virtue (built 2009) after Havila wound up its joint venture with Singapore's POSH.