Struggling Norway shipper calls meeting to reveal financial plans

21 September 2009 23:05  [Source: ICIS news]

HOUSTON (ICIS news)--Eitzen Chemical has called a meeting for bondholders on 29 September to consider the company's long-term finances and debt repayment schedule, the Norwegian shipper said on Monday.

Eitzen reported losses in the first two quarters this year totalling $29.4m (€20m), more than double the $10.1m in losses it reported in the first half of 2008, according to the company.

A release said it would reveal a new debt repayment schedule and stock issue plus a revised loan covenant structure at the meeting. Eitzen's debt totals just over $1bn, according to the company.

Eitzen claims to be the third largest chemical shipper in the world based on a fleet size of 84 vessels. The first and second largest are Stolt-Nielsen and Odfjell.

($1 = €0.68)

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By: Lane Kelley
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