Brief: Havyard Says Results For Q3 Will Be Lower Than Expected

Eqva ASA

25/10/2019 11:01

Oct 25 (Reuters) - Havyard Group ASA  HYARD.OL :
    * UPDATE OF FINANCIAL SITUATION
    * OVERALL EFFECT IS THAT COMPANY WILL BE IN BREACH OF NEW
COVENANTS AS OF Q4 2019 IN TERMS OF REQUIREMENTS FOR EQUITY AND
WORKING CAPITAL, AND RESULTS FOR Q3 2019 WILL THEREFORE BE LOWER
THAN PREVIOUSLY EXPECTED
    * COMPANY HAS INITIATED DIALOGUE WITH LENDERS TO MINIMIZE
EFFECTS
OF SAID BREACHES
    * REASON FOR NEW LOSSES IS DUE TO OPERATIONAL CONDITIONS,
INCLUDING INCREASED USE OF HOURS WITH SUBSEQUENT DELAYS IN
COMPLETION OF MENTIONED VESSELS
    * UPDATED INFORMATION ON COVENANT BREACH WILL BE PROVIDED AS
SOON
AS POSSIBLE, AND LATEST WHEN REPORTING FINANCIAL RESULTS FOR Q3
2019
    * NEW SCHEDULED DELIVERY TIMES ARE SET FOR NOVEMBER AND
DECEMBER
2019
    * FEARNELY SECURITIES HAS BEEN ENGAGED TO ASSIST COMPANY IN
IMPLEMENTING A LONG-TERM AND SUSTAINABLE CAPITAL STRUCTURE

Source text for Eikon:  ID:nObiCn6M0a 
Further company coverage:  HYARD.OL 

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