Northern Offshore completes debt restructuring

By Caroline Salls

Pittsburgh, June 1 - Northern Offshore Ltd. completed its debt restructuring and emerged from protection under Section 304 after its scheme of arrangement took effect on May 30, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The scheme of arrangement was approved on May 25.

The restructuring was supported by 100% of the holders of Northern Offshore's outstanding Norwegian kroner notes and by 89% of the holders of its dollar-denominated notes, as well as by the company's largest shareholder, World Shipping Ltd.

Under the scheme, existing noteholders will receive $857.19 in fully paid scheme shares and $97.75 per $1,000 principal amount of U.S. notes and NOK 66,469.57 for each NOK 500,000 face amount of NOK notes.

Following the issuance, scheme creditors will hold 98% of the company's equity, with existing equity holders owning the rest.

Northern Offshore is a Norwegian company based in Bermuda. Its Section 304 case number is 05-41451.

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