Brief: Havyard Group Updates On Financial Situation

Eqva ASA

18/11/2019 07:07

Nov 18 (Reuters) - Havyard Group ASA  HYARD.OL :
    * UPDATE OF FINANCIAL SITUATION
    * MEETINGS HAVE BEEN HELD WITH BANKS AND GUARANTORS TO
ENSURE
COMPLETION OF ONGOING PROJECTS AT HST
    * RESPECTIVE BOARDS OF DIRECTORS OF HGR AND HST HAVE NOTED
FURTHER
LOSSES ON PROJECTS WITH HULL NO. 131 AND 135, AND NOW ALSO FOR
HULL NO. 141-145
    * HST'S EQUITY IS LOST AND FURTHERMORE, THERE ARE NOW ALSO
BREACH
OF COVENANTS AS OF Q3 2019.
    * DIALOGUE WILL IMMEDIATELY BE INITIATED WITH CUSTOMERS AND
SUPPLIERS
    * FOR DEBTS ACCRUED AS OF TODAY, HAS INTRODUCED A PAYMENT
SUSPENSION UNTIL FURTHER CLARIFICATIONS HAS BEEN MADE
    * AIM IS TO ENSURE OUTFITTING OF PROJECTS UNDER COMPLETION
AT HST,
AND TO FIND SATISFACTORY SOLUTIONS FOR OTHER PROJECTS
    * ANALYSIS WILL BE MADE OF CONSEQUENCES THAT LOSS OF EQUITY
IN HST
WILL HAVE FOR CONSOLIDATED GROUP, WHICH IS EXPECTED TO BE
REPORTED WHEN PRESENTING ACCOUNTS FOR Q3 2019

Source text for Eikon:  ID:nObiQCfvRa 
Further company coverage:  HYARD.OL 

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