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Western Bulk ASA: Western Bulk ASA - Sale and restructuring update

Sale update

As announced on 1 February 2016 Western Bulk ASA (resolved amended to "Bulk
Invest ASA") (the "Company") has executed a sale and purchase agreement in
respect of its 100% owned subsidiary Western Bulk Chartering AS ("WB
Chartering") with Kistefos Equity Operations AS, an entity wholly controlled
by Kistefos AS (the "Purchaser"), following an accelerated auction process
involving identified interested parties (the "Transaction").

Today, in order to complete the Transaction, the Company has transferred all
of its shares in WB Chartering and all of its own bonds under the MNOK 300
senior unsecured bond issue with ISIN NO 001067557.2 (the "Bond Issue"). In
consideration of such transfers, the Company received payment of the first
part of the cash purchase price for the shares, USD 10 million from the

The remaining part of the cash purchase price will be paid to the Company on 2
March 2016. The purchaser will assume all of the Company's debt under the
Bond Issue as soon it has been formally approved by the bondholder meeting
and as soon as the necessary agreements have been concluded. The bondholders'
meeting to make the requisite resolutions is scheduled to take place on 22
February 2016, please refer to the notice of 5 February 2016. As announced on
5 February 2016, the Company has received undertakings from bondholders
representing more than 2/3 majority of the bondholders' meeting that they
will vote in favour of the necessary amendments to the Bond Issue.

Restructuring update

The Company will initiate dialogue with its creditors to explore and pursue
potential solutions. If no acceptable solution to the Company with the
remaining creditors is achieved, the basis of the Company's continued
operations will be reassessed.

The board of directors of the Company will regardless diligently and
continuously evaluate whether the basis for continued operations exists. To
this end, the board of directors will consider the possibility of carrying
out a rights offering in the Company as announced 20 November 2015. The board
notes in this connection that Kistefos AS has informed the Company that it
given the current circumstances considers that its subscription and guarantee
undertaking no longer applies. The board of directors will consider the legal
position of the subscription and guarantee undertaking in conjunction with
any rights offering. The board members that are affiliated with Kistefos AS
will not participate in the board's dealings on Kistefos AS' subscription and
guarantee undertaking.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897

Håvard Furu, Chief Financial Officer
Tel: +47 9912 3443

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: Western Bulk ASA via Globenewswire


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