Brief: Viking Supply Ships: Update on lender dialogue in Viking Supply Ships A/S

Viking Supply Ships AB

05/07/2016 06:28

July 5 (Reuters) - Viking Supply Ships AB  VSSABb.ST : 
    * Said on Monday Viking Supply Ships A/S (VSS) had made repeated attempts to engage in 
dialogue with bondholders in bond issue Viking Supply Ships A/S 2012-17 FRN 
    * VSS had offered solution involving deferral of maturity of bonds and part of interest 
payments being made in-kind  
    * VSS' offer was rejected by committee of bondholders  
    * Said committee of bondholders expressed that only solution they are willing to discuss is 
one where bonds are redeemed in cash, albeit at somewhat discounted price   
    * Said if bondholders do not move from this position, it will not be possible to arrive at 
restructuring which will allow VSS to survive as going concern  
    * Said VSS is willing to explore various alternatives, including conversion of bonds into 
shares in Viking Supply Ships AB at present market values, respectively 36 pct of par value and 
1.70 Swedish crowns per share, but is not in position to offer redemption for cash 
    * VSS will summon to bondholder meeting to provide updated status of company, as well as 
present restructuring proposal to holders of bond 
 
     
 Source text for Eikon:  urn:newsml:reuters.com:*:nWkrgd1244 
     
 Further company coverage:  VSSABb.ST   
    
 
 
 (Gdynia Newsroom) 
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