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Havila Shipping ASA : Insufficient support for revised Restructuring Proposal within 15th February 2016

Reference is made to the press release issued by Havila Shipping ASA (the
"Company") on the 12 February 2016.

The Master Agreement entered into by and between the Company and the banks was
subject to conditions subsequent to be fulfilled within 15 February 2016.

Despite substantial support from bondholders, the revised restructuring
proposal was not supported by the required 2/3 majority of holders of the
unsecured bonds and the Company was not able to fulfill the conditions under
the Master Agreement within 15 February 2016

The Company remains in a challenging position, and will immediately work with
its financial creditors in order to reach a standstill agreement. While these
discussions are ongoing the Company has decided to halt payments of interest
and amortization to all of its finance providers. The Company's bank lenders
have indicated support for a standstill agreement and corresponding summons
to bondholder meetings are expected to be announced shortly.

In anticipation of the successful outcome of the discussions with the finance
providers, the Company remains fully committed to maintaining all its
operations, upholding the highest level of service to all its customers and
continue to pay all its trade creditors.

As the proposal to bondholders is contingent on the Master Agreement, the
Company will also withdraw the summons to bondholder meetings.

CEO Njål Sævik +47 909 35 722
CFO Arne Johan Dale +47 909 87 706

This information is subject of 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: Havila Shipping ASA via Globenewswire


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