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Nordic Shipholding saved on the finish line

Nordic Shipholding has signed a conditional restructuring agreement with Nordic Maritime, which acquires a debt of around USD 58 million. And the company will get a new CEO if the agreement is approved.

Nordic Shipholding has reached a restructuring agreement with Nordic Maritime, which is controlled by PAG, one of Asia's biggest alternative capital managers. The deal is subject to various approvals, but if these are secured the corporate restructuring will be performed before the end of the year, says Nordic Shipholding in a brief to the stock exchange.

The deal means that Nordic Shipholding acquires debt for a total of around USD 58 million from Nordic Shipholding's lending banks, converting the debt to new shares in the company, which following a completed transaction will amount to 75 percent of the company's issued shares. Additionally, the lending banks will convert a total debt of approx. USD 12 million into new shares, while current shareholders will own around 10 percent of the shares after the transaction.

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