Discover the Havila-Charisma: Ratings & Maritime News

Havila Shipping, a Norwegian offshore company, has warned its bondholders that it may file for bankruptcy as early as Monday, November 28, if they do not approve its proposed restructuring plan. This urgent message comes following an acceleration notice from the company's secured bank lenders. To date, the bondholders have turned down the restructuring measures suggested by Havila's management. A critical decision on the company's future is set for 3 PM on Monday. The restructuring plan aims to provide Havila with some financial relief until November 2020 by replacing approximately NOK3.2 billion in debt maturities expected between 2017 and 2019 with a reduced minimum fixed amortization of around NOK67 million. Additionally, the scheme intends to cut the net interest-bearing debt by about NOK1.6 billion through a mix of new risk capital, selling off non-essential vessels, discounted repurchase of debt, and converting some debt into equity. Havila is one of several Norwegian offshore support vessel companies grappling with financial difficulties as the sector experiences rapid consolidation and exits, signaling a significant downturn in the market.