After losing a case in the Oslo District Court, three different banks are demanding prepayment of their outstanding amounts under the restructuring agreement with Norwegian OSV owner and operator Havila Shipping, but the company is not budging.
The Norwegian firm is disputing allegations of default that have been made by DNB Bank, Swedbank, and Danske Bank NUF at the start of the year. The banks claim that the company breached the restructuring agreement from June 19, 2020. The three banks finance the vessels Havila Foresight and Havila Harmony.
Havila claimed that the three banks are obliged to convert outstanding amounts under the non-interest-bearing B tranches under the restructuring agreement into shares, as agreed in the restructuring agreement. According to the OSV owner, other creditors in the restructuring agreement share the company’s view and have already converted their B tranches into shares.
Havila Shipping took the banks to court in March to resolve the dispute. On December 8, the Oslo District Court ruled against Havila.
However, the judgment is not final, and the company claimed that it disagreed with the judgment and stated it would appeal the decision. The deadline for the appeal is January 19, 2026. The case is expected to be decided by the Borgarting Court of Appeal in 2026 or early 2027.
Regardless of Havila being fixed on appealing the decision, the banks have demanded prepayment of their outstanding amounts under the restructuring agreement. The banks have also given notice that they will take legal action to enforce their security and establish execution liens.
The banks’ outstanding debt consists of interest-bearing debt of NOK 130.8m ($13m) and non-interest-bearing B-tranche debt with a nominal value of NOK 595.1m ($58.8m). In addition, interest and default interest of NOK 7.9m ($780,700) is claimed.
Havila maintains that the banks’ claims are “unfounded”. The company added that it would “accordingly dispute that there are grounds enforce security and establish execution liens”.
The Norwegian firm will also demand compensation for any losses it may incur as a result of the banks’ unlawful actions and failure to convert the banks’ B tranches upon expiry of the restructuring agreement on December 31, 2025.
