Eitzen Chemical has been working for approximately one year to settle a debt restructuring plan. The first step was made just ahead of the New Year when 90 percent of the creditors in the company - listed on the Oslo Stock Exchange - approved a plan for the carrier's significant debt burden. And the plan was then fully settled on Tuesday, says the carrier in a statement.

"Eitzen Chemical is pleased to announce that the Restructuring on the terms previously disclosed was consummated today. Approximately USD 850 million of bank and bond debts was converted, and USD 43 million was repaid with the proceeds from a new USD 100 million revolving credit and term loan facility. As result of the conversion of the bank and bond debt, the holders of the converted debt now own 98 per cent of the outstanding shares of the Company."