ShippingWatch

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.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Further reading

Related articles

Latest news

See all jobs