Havila Shipping ASA : DNB, Swedbank and Danske Bank demand prepayment of outstanding debt

Core Viewpoint - The company is currently in a legal dispute with DNB Bank ASA, Swedbank AB, and Danske Bank A/S regarding alleged breaches of a restructuring agreement, which the company disputes, asserting that the banks are obligated to convert certain debts into shares as per the agreement [1][2]. Group 1: Legal Dispute - The company filed a lawsuit with Oslo District Court on 24 March 2025 to resolve the dispute with the three banks [3]. - On 8 December 2025, the Oslo District Court ruled against the company, but the judgment is not final, and the company plans to appeal by the deadline of 19 January 2026 [4]. Group 2: Financial Obligations - The banks have demanded prepayment of outstanding amounts under the restructuring agreement and indicated intentions to take legal action to enforce their security [5]. - As of 30 September 2025, the banks' outstanding debt includes interest-bearing debt of NOK 130.8 million and non-interest-bearing B-tranche debt with a nominal value of MNOK 595.1, along with claimed interest and default interest of MNOK 7.9 [6]. Group 3: Company Position - The company maintains that the banks' claims are unfounded and will dispute the grounds for enforcing security and establishing execution liens [6]. - The company intends to seek compensation for any losses incurred due to the banks' actions and their failure to convert the B tranches upon the expiration of the restructuring agreement on 31 December 2025 [7].