Brief: Havila Shipping With Company Update

Havila Shipping ASA

01/03/2019 12:25

March 1 (Reuters) - Havila Shipping ASA  HAVI.OL :
    * REG-HAVILA SHIPPING ASA: COMPANY UPDATE
    * AS STATED IN Q3 2018 REPORT, MARKET HAS BEEN WEAKER THAN EXPECTED
    * SITUATION IS THEREFORE MORE CHALLENGING THAN ANTICIPATED IN RESTRUCTURING AGREEMENT
    * ASSUME THAT AGREED KEY ELEMENTS OF RESTRUCTURING AGREEMENT IS SUFFICIENT TO SOLVE
CHALLENGES.
    * FOR CORE VESSELS IT WAS AGREED A PERFORMANCE TEST FOR 6 MONTHS PERIOD BETWEEN AUGUST 2018
AND
LAST DAY OF FEBRUARY 2019
    * VESSELS THAT GENERATE AN EBITDA LESS THAN 2% OF VESSELS DEBT, WILL FAIL IN THIS TEST
    * A PRELIMINARY CALCULATION OF CORE VESSEL PERFORMANCE SHOWS THAT TWELVE VESSELS WILL FAIL
TO
COMPLY WITH REQUIREMEN
    * WILL CONTINUE TO OPERATE VESSELS UNDER EXISTING CONTRACTS

Source text for Eikon:  ID:nGNEc1l0gZ 
Further company coverage:  HAVI.OL 

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