Havyard gets help from creditors and sells assets to stabilize finances

Norwegian Havyard, dealing with an accounting mess entailing millions of dollars, now gets a helping hand from creditors, which have agreed to allow Havyard to breach loan requirements for one year. At the same time, Havyard sells its stake in a larger company.

Photo: PR/Havyard

Norwegian shipbuilding group Havyard is now getting a helping hand from its creditors.

In March, Havyard uncovered errors in its accounting figures worth USD 15.03 million –  discrepancies so serious that the company was at risk of, among other things, breaching financial covenants for both equity and working capital on its bond credit.

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