Golden Ocean Group
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Hemen Holding Ltd has today notified Golden Ocean Group Limited that
it has launched a conditional offer to purchase 2/3 of the
outstanding bonds in the 3.625 % Golden Ocean Group Limited Callable
Convertible Bond Issue 2007/2012. In this issue the bondholders own
2,000 bonds, each with a face value of USD 100,000.
If successful in acquiring a two third position Hemen Holding intend
to call a Bondholder's meeting in order to remove the Market Adjusted
Equity Ratio in Golden Ocean's Convertible Bond Loan Agreement. Hemen
hopes that the cash offer is perceived as a constructive contribution
by Golden Oceans largest shareholder to create a possible basis for
continued operation in Golden Ocean.
Reference is made to Golden Ocean Group Limited's ("Golden Ocean or the "Company") Stock Exchange Notices from 5 March 2009 regarding Hemen Holding Ltd acquiring more than 2/3 of Golden Ocean's Convertible Bond Issue.
It is Golden Ocean's intention to summon to a Bondholders' Meeting where the Company will propose to remove the Market Adjusted Equity Ratio Covenants from the Company's Convertible Bond Loan Agreement. Through such an action Golden Ocean will not be in breach of the Loan Agreement, an event which could have triggered a cross default with remaining existing financing.
In order to complete a successful financial restructuring of Golden Ocean and create a solid platform for future operation, the Company will be dependent on reducing its financial commitments and make sure that the Company is fully funded going forward. The Company has entered into discussions with certain counterparties and financiers in order to achieve this.
In view of the tight cash situation, the Company is dependent on coming to a conclusion to these discussions within the next few weeks. Such a solution is likely to include injection of some amount of new equity. Hemen Holding's acquisition of the Convertible Bonds has increased the Company's Board of Directors' faith in the possibility to reach a positive solution for all stakeholders.
The objective for the restructuring is to create a robust business model for Golden Ocean where reduced commitments, combined with the Company's modern fleet and good time charter coverage gives downside protection to meet a potential continued difficult freight market.
Hamilton, Bermuda
6 March 2009
Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 40
Geir Karlsen: CFO, Golden Ocean Management AS
+47 22 01 73 53
Quelle: http://www.goldenocean.no/IR/press_releases/1295579.shtml
kommt es anders als erwartet,doch wenn es anders aber
positiv ist,dann ist es ja willkommen.
Gut das es derzeit auch eine erfreuliche Wende bei der Börse
gibt.
mc
Geir Karlsen (CFO of Golden Ocean Management AS) has extended a TRS agreement that expired May 6, 2009. The TRS agreement has exposure to 175,000 underlying shares in Golden Ocean Group Limited. New expiry date is July 6, 2009, and new TRS price is NOK 6.34.
Hamilton, Bermuda
May 7, 2009
Quelle: http://www.goldenocean.no/IR/press_releases/1312209.shtml
Quelle + Volltext: http://hugin.info/135378/R/1317238/307194.pdf
Frankfurt 100.000 0,75 € 0,754 € 20.000 0,53% 15:37:51
Berlin 2.000 0,723 € 0,784 € 2.000 8,44% 15:37:24
Stuttgart 6.000 0,723 € 0,785 € 18.000 8,58% 15:37:08
XETRA 0 - 5,50 € 50 0,00% 13:22:01
die Index geht wie eine Kerze nach oben schaut selber nach