Kvaerner Sees Basis for a Going Concern

Tuesday, November 27, 2001
Kvaerner, the international engineering and construction Group, today said that its Board, in an extraordinary meeting last night, decided that there is a basis for continuing operations until shareholders vote over the proposed refinancing of the Group at an Extraordinary General Meeting on November 29. In negotiations over the last two days, a basis has been established for the necessary funding of the Group until the end of November – amounting to NOK 250 million. The necessary liquidity will be secured through new loans from the Group’s major banks and, additionally, an amendment to the payment terms for a major ongoing project. The new loans will be established against a standstill agreement previously negotiated as part of the long-term refinancing. It is expected that the standstill agreement will ultimately be approved by Kvaerner’s lending syndicates before the end of tomorrow. In parallel, the Board has held talks with the Group’s largest shareholders with a view to seeking a refinancing arrangement that can gain maximum support from shareholders. A proposal put forward by Aker Maritime has been at the centre of these discussions. The Board concluded, however, that the proposal presented by Aker Maritime was not possible to develop into an acceptable solution, and would not subsequently secure support from other major shareholders or lenders.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1035 sec (10 req/sec)