Havila Shipping is seeking extra time to clinch a vital $420m refinancing in the downturn.
The Oslo-listed offshore vessel owner said on Friday that it will miss the 31 May deadline for entering into formal agreements with its lenders and bondholders.
"The documentation of the unified solution has taken longer time than the company expected," the company said.
Havila has arranged an extraordinary general meeting for 18 June to set a new time frame for implementation of the debt restructuring.
No target date has been given, other than to complete it "as soon as possible".
The company said on 7 April its banks had agreed to the restructuring, as well as two thirds of bondholders.
The refinancing involves a new convertible loan from the controlling Saevik family that will see it maintain control of the shipping company, plus a potential repair issue of shares.
Debt maturity and some repayments will be pushed out until at least 2025.
"The restructuring agreements will contribute to maintaining a liquidity position of NOK 175m [$17m] throughout the duration of the agreement," the shipowner said at the time.
Second refinancing in three years
Havila's last refinancing deal was executed in February 2017 after a prolonged market slump, but this expires on 7 November 2020.
The new agreement refinances bank debt, with additional bonds to be issued to settle interest owing.
Debt will be organised into two tranches. The first will see instalments and interest payable, while the other carries no interest and any outstanding amounts will be converted to equity at the start of 2025 or 2026.
Tranche A comprises NOK 3.1bn of vessel debt and NOK 112.2m of bonds, while tranche B is NOK 1.1bn of borrowings and NOK 56m of bonds.
In a worst case scenario NOK 3bn will be converted into Havila Shipping shares, or 47% of the company.
Lenders are Danske Bank, DNB, DVB, the Norwegian Export Credit Guarantee Agency, Nordea, Sparebank 1, Swedbank and Islandsbanki.
Outstanding debt was NOK 4.2bn at the start of the year.
