Teigen steps in again to help Fjord Line as losses mount

Financial problems continue to plague Norwegian ferry owner Fjord Line.

For the second time this year, major shareholder Frode Teigen is injecting fresh equity into the company. He is guaranteeing a share issue of NOK 100m ($15m) at the same time as costs are to be cut by NOK 120m. Teigen holds 67.4% of the shares. As recently as April, the investor had to guarantee a NOK 130m issue and personally provide a NOK 50m loan to the company.

Fjord