Codfarmers can't make 15% bond payment, requests extension to Aug. 15

By Caroline Salls

Pittsburgh, April 25 - Codfarmers ASA was not able to make a payment due April 15 on its 15% senior unsecured convertible bond issue 2007/2011 and is asking the bondholders postpone the payment to Aug. 15, according to a notice from trustee Norsk Tillitsmann ASA.

As previously reported, the bondholders approved a voluntary debt re-arrangement under which their total claim was to be released against a payment of NOK 10,000 plus 50% of the claim in excess of NOK 10,000.

The payment was to be made no later than April 15. However, the trustee said Codfarmers could not make the payment on that date because of insufficient liquidity.

The bondholders will vote on the postponement at a meeting scheduled for May 6.

Codfarmers is an Oslo-based cod-farming company.

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