Bankruptcy receiver appointed in the bankruptcy estate of Svithoid Tanker Tue, Oct 14, 2008 10:45 CET The Stockholm District Court has today granted the application of Svithoid Tankers AB for insolvent liquidation and appointed attorney-at-law Einar Wanhainen at G Grönberg Advokatbyrå AB to be receiver.Svithoid Tankers AB
The Board of Directors in Svithoid Tankers will apply for insolvent liquidation Mon, Oct 13, 2008 12:58 CET The Board of Directors in Svithoid Tankers AB decided yesterday on Sunday the 12th of October to investigate the possibilities for a company reorganisation. After having reviewed the circumstances this morning it has become clear that the prerequisites do not exist. The Board of Director has therefore decided to apply for insolvent liquidation.Board of Directors in Svithoid Tankers AB
Svithoid Tankers intends to file for company re-organization Mon, Oct 13, 2008 09:07 CET Since Svithoid Tankers AB (publ) ("Svithoid Tankers") has not been able to secure the company's financing, the board of directors of Svithoid Tankers intends to file for company re-organization (Sw. företagsrekonstruktion).As previously announced, Svithoid Tankers has been involved in negotiations with several of Svithoid Tankers creditors, bond holders, convertible holders and shareholders with the aim to find a long term solution in order to secure the company's financing and the continued operations of the business. Since these discussions have not been able to solve the company's
Svithoid Tankers in negotiations in order to secure financing and continued operations Fri, Oct 10, 2008 08:31 CET As a consequence of Svithoid Tankers AB (publ) ("Svithoid Tankers") immediate liquidity shortage, the company presently lacks the ability to perform under its undertakings. Therefore, the company is involved in negotiations with its creditors, bond holders, convertible bond holders and shareholders with the aim to find a long term solution in order to secure the company’s financing and the continued operations of the business. There is a risk that Svithoid Tankers will be unsuccessful in finding such a solution. The outcome of such discussions may also result in the loss of value of shares
Svithoid Tankers ABs (publ) share to be listed on the observation list Tue, Oct 07, 2008 10:35 CET Due to ongoing discussions with several of the interested parties in Svithoid Tankers, with the objective to secure the company’s short term and long term financing, the B-share listed on the OMX Nordiska Börs will today Tuesday October 7 be transferred to the observation segment.For further information please contact:Svithoid Tankers ABFredrik Nygren, Managing DirectorTel:+46 8 546 999 42Mob: +46 70 972 25 81E-mail: fredrik.nygren@svithoidtankers.com
Listing of share warrants and new liquidity guarantor Fri, Oct 03, 2008 10:38 CET Share warrants from rights issue to be listedThe share warrants received in the recent rights issue will be traded on the NasdaqOMX’s market place First North from Wednesday the 8th of October.New liquidity guarantor for shares and share warrantsSince yesterday, October 2, Mangold Fondkommission AB acts as the company’s new liquidity guarantor for Svithoid Tankers’ B-share traded on the OMX Nordiska Börs. Mangold Fond-kommission AB will also act as liquidity guarantor for the share warrant when it is being listed from the 8th of October.For further information please contact:
Svithoid Tankers evaluates strategic alternatives Thu, Sep 25, 2008 15:40 CET The Board of Directors of Svithoid Tankers AB (publ) announced today that it has retained Pareto Securities AS and NRP Securities ASA as financial advisors to assist the Company in evaluating strategic alternativesThe Board of Directors of Svithoid Tankers AB (publ) (“Svithoid Tankers”) announced today that it has retained Pareto Securities AS as Lead-Manager and NRP Securities ASA Co-Lead Manager to assist Svithoid Tankers as financial advisors in evaluating strategic alternatives to maximize shareholder value and to secure a long-term funding for the company’s remaining newbuild vessels.
Svithoid Tankers renegotiates time charters for Mt Vedrey Tora and Mt Vedrey Thor Mon, Sep 08, 2008 14:08 CET Svithoid Tankers latest new buildings, Mt Vedrey Tora (3.515 dwt) and Mt Vedrey Thor (3.515 dwt), were previously on seven year time charters to the British shipping company James Fisher Everard Ltd. These contracts have now been renegotiated where Mt Vedrey Tora will enter a four year bareboat charter while Mt Vedrey Thor’s seven year time charter is altered to a five year time charter. The agreed charter party changes are expected to improve the financial result.For further information please contact:Fredrik Nygren, Managing DirectorTel: +46 8 546 999 42E-mail: fredrik.nygren@
Svithoid Tankers second quarter report 2008 Thu, Aug 21, 2008 13:00 CET Svithoid Tankers presents the second quarter report 2008The Managing Director Fredrik Nygren comments on the report:Continued strong growth with profit improvementThe turnover increased by 54 % compared to last year’s second quarter reaching SEK 42.0 million and SEK 83.0 million for the first six months 2008 (SEK 49.4 million first six months 2007). EBITDA for the second quarter was SEK 9.7 million (3.5). EBIT for the second quarter reached SEK 2.3 million compared to SEK -1.9 million second quarter 2007. The net income was a loss of SEK -8.5 million which was an improvement compared to
Sea trials begin for Svithoid Tanker’s third newbuilding Mt Baltic Maria Fri, Aug 01, 2008 13:04 CET On the 28th of July Mt Baltic Maria began her sea trials. Delivery of the vessel from the ship yard in Tallinn, Estonia, will take place in September. Mt Baltic Maria (7.950 dwt) is the third vessel within Svithoid Tanker’s newbuilding program including technically advanced product- and chemical tankers.For further information please contact:Fredrik Nygren, Managing DirectorTel: +46 8 546 999 42E-mail: fredrik.nygren@svithoidtankers.comSven Lundgren, Deputy Managing DirectorTel: +46 8 546 999 44E-mail sven.lundgren@svithoidtankers.com
The total and final issue proceeds in Svithoid Tanker’s rights issue Wed, Jul 30, 2008 11:00 CET The total and final issue proceeds in Svithoid Tanker’s rights issue which was completed in July 2008, amount to MSEK 53.7.In total 13,413,541 B-shares were subscribed for in Svithoid Tanker AB’s (publ) rights issue which was carried out in July 2008, constituting the complete planned rights issue. The price per share in the rights issue was SEK 4 and the final and total issue proceeds are MSEK 53.7 before issue costs. As part of the share issue the subscribers receive warrants free of charge which give them the right to subscribe for new B-shares at a price of SEK 4.50 per share until July
Svithoid Tankers first quarter report 2008 Fri, May 23, 2008 08:10 CET Svithoid Tankers presents the first quarter report 2008The Managing Director Fredrik Nygren comments on the report:Strong growth and underlying profit improvementThe turnover increased by 86 % compared to last year’s first quarter reaching SEK 41 million. Operating result was 0.3 MSEK despite cost of about SEK 2 million for Mt Betty Theresa main engine break down in March. The net income, a loss of SEK 14,6 million, including an unrealized exchange loss of approxemately SEK 5 million due to translation of currency from consolidation of the subsidiaries. Net income for the first quarter
Report from the Annual General Meeting May 22 2008 Thu, May 22, 2008 17:09 CET Svithoid Tankers' Annual General Meeting took place on May 22 at Näringslivets Hus , Storgatan 19 in Stockholm. Managing Director, Fredrik Nygren, reported on the development of operations during 2007 and the beginning of 2008, and informed about the development in the market.The Annual General Meeting decided on the following matters:• The adopting of the income statement and the balance sheet.• Allocation of the company's income in accordance with the adopted balance sheet.• Discharge from liability for the members of the board and the Managing Director.• Determining the fees
