25 September 2015

Bankruptcy petition of the subsidiary Bergen Group Hanøytangen AS

The board of directors of Bergen Group Hanøytangen AS has resolved a petition for bankruptcy on 25 September 2015.

The company has over time experienced a strained liquidity situation due to the ongoing dispute over the final settlement of the rig project Borgland Dolhin completed in Q1 2015. Arbitration proceedings against the rig owner were initiated on 28 August of this year, but the dispute will not be processed by the arbitration court until Q2 2016.

The board of directors of the company, together with its external and internal advisors, has made substantial efforts with the aim of reaching a stand still agreement with the company’s creditors, pending the final settlement from the Borgland Dolphin project. These efforts were continued following the court meeting of 8 September 2015, in which the hearing of the petition for bankruptcy against the company served by Radøygruppen was postponed to 28 September 2015.

The process of reaching a stand still agreement has gained support from a large number of the creditors, and Bergen Group is still of the opinion that a stand still would be in the best interests of both the creditors and the company. Unfortunately, the company must acknowledge that some credtitors have objected to such stand still agreement, rendering it unlikely that an out of court arrangement with the creditors will gain sufficient support.  The company has considered filing for debt settlement proceedings, however, in light of the creditors’ attitude and the pending petition for bankruptcy against the company, this was not deemed as an appropriate action.

The board of directors considers that the conditions for opening bankruptcy in the company as set forth in section 60, cf. sections 61, 62 and 66, of the bankruptcy act are satisfied.

Bergen Group Hanøytangen AS is a wholly owned subsidiary in the Bergen Group ASA group. The company has no employees, following the sale of the business of the company to Semco Maritime in May of this year.

Contact person:
Hans Petter Eikeland, CEO Bergen Group ASA, mobile +47 932 08 177
Nils Hoff, CFO Bergen Group ASA, mobile +47 930 92 346
Øyvind Risnes, SVP Corporate Functions & Communications Bergen Group ASA, mobile +47 480 48 561.

Trustee of the Estate appointed:

On the 25th Sept 2015, Bergen District Court opened for bankruptcy proceedings in Bergen Group Hanøytangen AS. The court has appointed Advokat (Solicitor) Gunnar A. Haahjem of the lawfirm Rasmussen & Broch in Bergen, post box 4154 Sandviken, 5835 Bergen, Norway, email gh@rblaw.no , as trustee of the Estate.

All inquiries on the matter should be directed to the trustee and the company's creditors are encouraged to file their claims to him. Claims must be documented and details furnished as to whether any other parties bear joint or several liability for the debt.