Stolt-Nielsen resolves disputes with senior noteholders

By Jeff Pines

Washington, June 16 - Stolt-Nielsen SA reached an agreement with its senior noteholders, the company said.

"We are pleased that the noteholders have agreed to waive their claims of default and to modify some loan covenants to permit the company to make certain investments in joint ventures," said Niels G. Stolt-Nielsen, chief executive officer of Stolt-Nielsen, in a news release.

In return for the waiving of the claim and amendment, the company agreed to provide noteholders with security, which can be released if the company obtains an investment-grade rating on its senior notes and under certain other circumstances.

London-based Stolt-Nielsen provides transportation services for bulk liquid chemicals, edible oils, acids and other specialty liquids.

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