| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders > News item |
Codfarmers obtains bondholder consent for proposed restructuring
By Jennifer Chiou
New York, Jan. 17 - Codfarmers ASA announced a quorum at the Oslo meeting of holders of its NOK 100 million of 15% senior unsecured convertible bond issue 2007/2011, and 100% of those voting gave consent to the company's proposed restructuring, according to a notice from trustee Norsk Tillitsmann ASA.
As previously announced, the bondholders' meeting was originally scheduled for Jan. 7, but there was not a sufficient number of bondholders to form a quorum.
Codfarmers subsequently requested that Norsk Tillitsmann summon another meeting to consider the proposal, this time, however, with no minimum requirement to form a quorum.
The Oslo-based cod-farming company already said it has been hit by a substantial loss related to disease in fish ready for harvesting and has had to implement cost-cutting measures.
The company is looking for approval of a voluntary debt rearrangement. Under this proposed plan, claims as of Dec. 16 will result in the following:
• Governmental claims and claims with priority under the law will be paid in full;
• Unsecured claims of up to NOK 10,000 will be paid in full; and
• Unsecured claims of more than NOK 10,000 will be paid at NOK 10,000 plus 50% of the amount in excess of NOK 10,000 no later than April 15.
To approve the plan, at least two-thirds of the bonds represented at the meeting had to vote in favor of the resolution.
As reported by Prospect News, the company stated on Nov. 28 that it was not in a position to make installment and interest payments due Nov. 30 on the bonds.
Questions may be directed to Norsk Tillitsmann at mail@trustee.no.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.