Eitzen Chemical $950 million restructuring

Overview:

• Norwegian shipping company Eitzen Chemical has undergone a $950 million restructuring.
• The reorganisation involved the conversion of about $850 million in bank and bond debts into equity and a $43 million payment with proceeds from a $100 million revolving credit facility.
• This was one of the largest restructurings ever undertaken in Norwegian history.
• Following the restructuring, Eitzen moved to Bermuda and changed its name to Team Tankers International.
• Nordea Bank was one of the acting agents and SEB one of the lenders.
• The other lenders consisted of 15 different US funds, the largest of which were Angelo Gordon, Barclays, and Cerberus.

Kurt Stumpo - Journalist