Havila halts vote on bond payment plan

Offshore vessel owner pulls summons due to insufficient support but sticks to timeline.

Havila Shipping cancelled a bondholder vote on the offshore vessel owner’s plans to push back debt payments.

But it said it is still hoping to have an agreement in place by the end of the month.

The Oslo-listed company said it withdrew the bondholder summons for the meeting planned for tomorrow because of “uncertainty regarding sufficient support for the proposal in one or more of the bondholders’ meetings”.

The Norwegian owner of 27 vessels unveiled a plan on 5 January aimed at restructuring its finances to help it survive three years amid the oil market doldrums.

The proposal would cut annual amortisation from NOK 530m to NOK 150m ($16.79m) until 2018. It would also stretch maturity on both secured and unsecured debt to 2020, from the current 2016 and 2017 maturity dates.

In its last quarterly report, Havila reported NOK 5.78bn in total interest-bearing debt.

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