Debt Negotiation In Subsidiary

Eqva ASA

11/02/2020 13:53

Feb 11 (Reuters) - Havyard Group ASA  HYARD.OL :
    * DEBT NEGOTIATION IN SUBSIDIARY
    * BOARD OF DIRECTORS OF HST HAS TODAY DECIDED TO SEEK FOR
DEBT
NEGOTIATIONS PURSUANT TO SECTION 2 OF BANKRUPTCY ACT.
    * A REQUEST FOR DEBT NEGOTIATION IS THEREFORE FILED WITH
SOGN OG
FJORDANE DISTRICT COURT ON TUESDAY, 11 FEBRUARY 2020.
    * EXPECTED FINAL SETTLEMENT FROM ONGOING PROJECTS IS NOT
CONSIDERED SUFFICIENT TO FULLY SETTLE HST'S OBLIGATIONS TO
CREDITORS.
    * HGR IS WORKING ON ANALYZING EFFECTS THAT DEBT NEGOTIATIONS
IN
HST COULD HAVE ON OTHER COMPANIES IN HGR GROUP, AND EXPECTS TO
BE ABLE TO REPORT THIS SHORTLY
    * IT MUST BE EXPECTED THAT BOTH PARENT COMPANY AND SISTER
COMPANIES TO HST MUST BEAR LOSSES - IN LINE WITH HST'S OTHER
CREDITORS - AS A RESULT OF DEBT NEGOTIATIONS INITIATED IN HST
    * SHIPBUILDING PROJECTS UNDER CONSTRUCTION BY NEW HAVYARD
SHIP
TECHNOLOGY AS, A WHOLLY OWNED SUBSIDIARY OF HST, WILL BE
CONTINUED AS PLANNED
    * SHIPBUILDING PROJECTS UNDER CONSTRUCTION BY NEW HAVYARD
SHIP
TECHNOLOGY ARE NOT EXPECTED TO BE AFFECTED BY FACT THAT DEBT
NEGOTIATIONS ARE REQUESTED FOR HST

Source text for Eikon:  ID:nObiMsPS0a 
Further company coverage:  HYARD.OL 

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