SeaMetric holders recover 4.30095% of par for 11 5/8% senior bonds

By Susanna Moon

Chicago, Feb. 3 - SeaMetric International AS bondholders will receive recovery at 4.30095% of par for the company's $105 million of 11 5/8% senior secured callable bond due 2012.

The company filed for bankruptcy on Jan. 13, and the liquidation proceeds have resulted in a preliminary final distribution from SeaMetric estate in bankruptcy, according to a notice by trustee Norsk Tillitsmann ASA.

On Jan. 26 a total of NOK 16 million was distributed to all creditors with unsecured claims.

A distribution of NOK 14,033,334.55 was made on behalf of bondholders. The recovery rate of 4.30095% reflects fees and costs.

The distribution will be made to holders of record as of Jan. 3.

Bondholders will have an uncovered claim against the company, the notice said. Any surplus of the retained funds or additional recovery of the loans will be made later.

SeaMetric is based in Stavanger, Norway, and offers marine heavy lift and transportation services for the oil and gas industry.

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