Blijkbaar zouden ze meer krijgen voor Bolette Dolphin dan verwacht, waardoor mega verwatering iets beter zou meevallen. (maar zal nog altijd gigantisch zijn.)
FOE is in the process of negotiating a binding agreement for the sale of the Bolette Dolphin to a selected buyer at a price of USD 340 million. Moreover, although some minor adjustments to the Proposal are still being discussed, the key principles of the Proposal have received the support of bondholders holding a majority of the bonds issued by FOE and the majority shareholder has confirmed that it will not object to the Proposal if put forward to the general meeting. Finally, the key terms of the Proposal have received the support from all lenders, in FOE's secured loan facility except for one.
The implementation of the Proposal, starting with the sale of the Bolette Dolphin, requires the unanimous support of FOE's secured lenders. Certain of FOE's secured lenders have informed FOE that they today will submit to Oslo Tingrett a petition for an injunction against the one secured lender obstructing the Proposal in order to procure that the lender consents to the sale of the drilling unit Bolette Dolphin. Alongside these proceedings, FOE continues its efforts to agree on a refinancing along the lines of the Proposal with its key stakeholders. Unless a solution is found to the refinancing, the Company will need to file for bankruptcy.
Reference is made to previous communications with regards to the ongoing refinancing efforts of Fred. Olsen Energy ASA ("FOE").
Further to the stock exchange communication dated 22 November 2018, the potential buyer of the Bolette Dolphin has withdrawn from the sales process given the significant change in oil and equity prices coupled with the uncertainty around the restructuring and sale process. Therefore, at present, FOE's restructuring proposal as set out in the stock exchange communication is not viable.
FOE will consider other restructuring alternatives in dialogue with its key stakeholders.
Maar achter de schermen is men volgens mij een spelletje aan het spelen.
Dec 14, 2018 1.96
Dec 13, 2018 1.77
Dec 12, 2018 1.66
Dec 11, 2018 1.49
Dec 10, 2018 1.35
Dec 07, 2018 1.25
Dec 06, 2018 1.30
Dec 05, 2018 1.25
Dec 04, 2018 1.10
zou men een nieuwe koper hebben voor het schip of gewoon bodemzoekers?
Nov 01, 2018 2.25
Sep 30, 2018 3.00
Aug 31, 2018 4.90
Jul 31, 2018 7.43
Jun 30, 2018 9.20
May 31, 2018 13.01
Apr 30, 2018 15.10
Mar 31, 2018 15.80
Mar 01, 2018 18.24
Feb 01, 2018 22.80
Jan 01, 2018 26.04
https://quotes.hegnar.no/quotes/ppaper. ... =DDASA.OSE
Helaas al bijna alles verkocht met megaverlies
Lenders under the Company's USD 2,000 million secured credit facility holding more than 78% of the principal amount outstanding under such facility (the "Majority Lenders") have entered into an agreement for the reorganisation and recapitalisation of the drilling business of the Group (the "Drilling Recapitalisation"). The Majority Lenders include Danske Bank, DNB, SEB and Swedbank, as well as funds advised by Strategic Value Partners LLC and its affiliates ("SVP Global").
As agreed among the Majority Lenders, the Drilling Recapitalisation will include the following key elements:
• The drilling unit Bolette Dolphin will be sold to refocus the Group's drilling business on its mid-water fleet. Pareto Offshore AS and ABG Sundal Collier ASA are appointed as the Company's brokers in the sale process. The proceeds from such sale will be used to repay the Company's debt to the secured lenders.
• The mid-water drilling business of the Group will be transferred to a new holding company, controlled by the secured lenders ("NewCo").
• In consideration of the mid-water drilling business of the Group, NewCo will assume all secured debt of the Company that is not repaid through the sale of Bolette Dolphin, and issue shares in NewCo to the Company. Such shares will represent 1.5% of the share capital of NewCo, post restructuring. The Company will have the right to sell such shares to SVP Global for a total cash amount of approximately USD 2 million.
• All secured debt assumed by NewCo from the Company will be converted into equity in NewCo, save for USD 30 million. As such, the balance sheet of the drilling business will be significantly deleveraged.
• The secured lenders will also provide NewCo with new liquidity in the form of a USD 45 million revolving credit facility.
• On this basis, the Drilling Recapitalisation is expected to provide the Group's current mid-water drilling business with a stable platform to support its future development.
Following completion of the Drilling Recapitalisation, the key assets of the Company will be the 1.5% shareholding in NewCo, and the assets related to the Harland Wolff shipyard.
As set out above, the shareholding in NewCo may be sold to SVP Global at a cash price of approximately USD 2 million. As set out in the annual report of the Company for 2018, the financial situation of the Harland Wolff shipyard is challenging and the Harland Wolff business may be sold or be subject to insolvency proceedings. The board does not expect that any of these alternatives will yield notable value to the Company. On this background, the board may propose that the Company is to be liquidated upon completion of the Drilling Recapitalisation.
A solvent completion of the Drilling Recapitalisation by the Company will require the consent of all secured lenders, a resolution by the bondholder meeting in the Company's bond issue with ISIN NO0010704125 (supported by at least 2/3 of the voting bonds), as well as a resolution by the Company's shareholder meeting (supported by at least 2/3 of the voting shares). The Drilling Recapitalisation is currently under consideration by representatives of the relevant stakeholders.
The Majority Lenders have informed the Company that they will take steps to implement the Drilling Recapitalisation with or without the consent of the other stakeholders, through a solvent liquidation or through a bankruptcy in the Company.
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