Eitzen Chemical’s Restructuring Plan Moves Ahead

Oslo-based owner and operator of chemical tankers Eitzen Chemical ASA said it has secured support from all of its lenders anf bondholders for its restructuring plan.

Completion of the restructuring as set out in the Plan Support Agreement (PSA) is expected to take place by the end of January, and in any event no later than 28 February 2015, the company said.

Under the USD 850 million plan, which purports granting of loans and sale-and-leasebacks, the company’s bondholders are to take over  98% of the company’s debt.

The company has entered into a term sheet regarding a new revolving credit and term loan facility worth USD 100 million, with an option to increase the aggregate principal amount to USD 150 million by inviting additional lenders to participate in the financing.

Eitzen also reduced the company’s  share capital by reducing the nominal value of the shares and by liquidation of shares owned by the company.

The company intends to change its name to Team Tankers International and is also looking to re-incorporate in Bermuda as part of the restructuring process.

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