Bli medlem
Bli medlem

Du är här

2016-03-04

Bulk Invest ASA: Bulk Invest ASA - Petition for bankruptcy

Reference is made to the stock exchange announcements made by Bulk Invest ASA
("Bulk Invest
" or the "Company
") on 8, 15 and 26 February 2016 regarding the restructuring of the Company's
liabilities related to its chartered-in fleet.

Over the past month, the board and management of the Company have worked
intensively to achieve a successful restructuring of the Company's
liabilities for the benefit of the Company's creditors and shareholders. In
cooperation with its financial advisor, the Company has explored a number of
different restructuring alternatives, and the Company's senior management and
financial advisor have met with ship owners, intermediaries and financial
creditors in Norway and Japan.

The final restructuring proposal presented to the ship owners included
immediate cash payments to the ship owners, the continuance of the Bulk
Invest group's charter parties at rates significantly above the current
market, and an envisaged recapitalisation of the Company in the amount of
approximately 40 MUSD. All creditors were given the opportunity to maintain
their existing rights and claims.

The proposed restructuring would unquestionably have been beneficial to all
key stakeholders, and a significant number of the vessel owners have
accepted, or confirmed their keen interest in, the proposal. Moreover, the
Company has through its financial advisor received firm interest in the
proposed recapitalisation of the Company from reputable players in the
industry.

However, as communicated through press release from Kyllingstad Kleveland
Advokatfirma DA on 25 February 2016, seven ship owners represented by one
trading house have filed an injunction to reverse the Company's sale of
Western Bulk Chartering AS. The same ship owners have also firmly rejected
the restructuring efforts of the Company. Regrettably, the board of directors
of the Company has therefore come to the conclusion, after several extensions
and attempts of dialogue, that there is no longer a basis for the Company to
proceed with its restructuring efforts, and consequently, that there is no
longer a basis for continued operations.

As the assumption of a going concern cannot be upheld, the Company will
immediately file a petition for bankruptcy.

The board of directors of the Company's subsidiary Bulk Shipowning IV AS has
reached the same decision to file for bankruptcy, whereas the respective
boards of the Company's remaining subsidiaries have decided to continue their
restructuring efforts for the time being.

As a consequence of the bankruptcy petition, all trading of the Company's
shares will be halted. Since the Company will file for bankruptcy, in
accordance with the above, the Company will request that further trading is
stopped.

*****

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail:jens.ismar@bulkinvest.no

About Bulk Invest ASA:

For more information about Bulk Invest ASA, seewww.bulkinvest.no.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bulk Invest ASA via Globenewswire

HUG#1991601

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.