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Viking Supply Ships asks bondholders for standstill until April 13
By Susanna Moon
Chicago, March 22 – Viking Supply Ships A/S said it asking bondholders for a standstill until April 13 under its senior bonds due 2017 to implement a restructuring plan.
Viking is holding discussions with a committee of bondholders that hold more than half of the voting bonds, according to a notice by Nordic Trustee ASA.
The company said its liquidity position is strained due to the “severe industry downturn” and the steep drop in oil prices, which in turn has reduced demand for the company’s services.
The company also is asking to pay the interest due March 21 in cash and in kind. The company would pay a coupon of 3.7% in cash and the remainder of 5.72% in kind.
A bondholders meeting has been set for April 8 in Oslo.
The company also has obtained a standstill with its bank lenders until April 13.
Viking, formerly known as Rederi Transatlantic AB, is a Goteborg, Sweden-based company active within the shipping industry.
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