Wiersholm advises Eitzen Chemical ASA
Wiersholm advises Eitzen Chemical ASA on its financial restructuring of USD 700 million bank debt and USD 100 million bond debt and the interlinked USD 115 million equity issue.
Eitzen Chemical, a global marine chemical transportation company with a total sailing fleet of 84 vessels, and an annual turnover of approximately USD 500 million, announced today that it has completed its financial restructuring with its lenders and successfully completed its equity issue of USD 115 million.
Wiersholm have assisted Eitzen Chemical in its restructuring process over the last 6 to 8 months in relation to the restructuring of its debt repayments to banks and bondholders of approximately USD 700 million and USD 100 million respectively. The restructuring of the debt to the banks and bondholders have been conditional on an equity issue in Eitzen Chemical, and Wiersholm have, as an integral part of the restructuring process, assisted Eitzen Chemical on the MUSD 115 equity issue that was completed today.
A Wiersholm team headed by lead counsel Ståle Gjengset (restructuring, financing and capital markets) advised Eitzen Chemical on recapitalization, equity issue (including private placement, repair issue and EGM), stock exchange reporting and general restructuring issues, supported by finance and restructuring partner Leif Moltke‑Hansen.
Additional team members included corporate/capital markets team Andreas Mellbye (partner), Cornelius Sogn Ness (associate), Elin Mollan (associate) and Christian Bye (associate) and finance team Helene Oeding Christensen (associate) and Justine Cordier Svendsen (associate).
For further information, please contact:
Ståle Gjengset or Leif Moltke-Hansen
+47 210 210 00 +47 210 210 00
sgj@wiersholm.no lmh@wiersholm.no
Click here to view Eitzen's own press release.
26 November, 2009