Wiersholm assists Eitzen Chemical ASA in its USD 850 million financial restructuring

Eitzen Chemical ASA has entered into a plan support agreement (the "PSA") with the majority of both its banks and bondholders and its largest shareholder for the financial restructuring of its debt.

The PSA would result in the Company converting approximately USD 850 million of bank and bond debt on the Company's balance sheet, and repays approximately USD 46 million. Following conversion of the bank and bond debt, the holders of the converted debt will own 98 per cent of the outstanding shares of the Company.

The Company has entered into a term sheet regarding a new revolving credit and term loan facility in an aggregate principal amount of USD 100 million, with an option to increase the aggregate principal amount to USD 150 million.

Eitzen Chemical will remain listed on the Oslo Stock Exchange. It is contemplated that the company will change its name to Team Tankers International Ltd and post restructuring relocate itself and some of its subsidiaries to Bermuda.

Our team was headed by: