Codfarmers holders vote to accept amendment for 15% convertible bond

By Jennifer Chiou

New York, May 31 - Codfarmers ASA announced that there were enough bondholders present at its meeting to form a quorum, and 100% of the votes were in favor of the proposed resolution to postpone the payment on the company's 15% senior unsecured convertible bond issue 2007/2011.

According to a notice from trustee Norsk Tillitsmann ASA, Codfarmers was not able to make an April 15 payment on the bonds and was seeking bondholder approval at a May 6 meeting to postpone the payment until Aug. 15. It fell short of a quorum at that earlier meeting.

As noted before, the bondholders approved a voluntary debt rearrangement under which their total claim was to be released against a payment of NOK 10,000 plus 50% of the claim in excess of NOK 10,000.

The payment was to be made no later than April 15. However, the trustee said Codfarmers could not make the payment on that date because of insufficient liquidity.

Codfarmers is an Oslo-based cod-farming company.

© 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.