Wiersholm has assisted Nordic Trustee AS in the restructuring of the DOF Group

Today, in accordance with the restructuring agreement, the financial creditors of DOF ASA and its subsidiaries have acquired 100% of the shares in the new holding company in the DOF Group, New DOF ASA. Wiersholm has assisted Nordic Trustee AS as bond trustee on behalf of the bondholders in three bond issues issued by DOF Subsea AS throughout the process.

The existing bonds issued by DOF Subsea AS have been converted into shares in DOF Services AS, and a new senior unsecured NOK 675,000,000 bond issued by DOF Subsea AS. After the completion, the bondholders will hold 55.556% of the shares in the new parent company of the DOF Group, New DOF ASA.

Wiersholm’s team was led by Ståle Gjengset and Petter Thomren Moltu, and has consisted of Sverre Sandvik, Andreas Rabe, Eirik Heggenes Lauvstad, Johanna Bergum Mortensen, Sebastian Hestnes Andresen and Kristian Wangsfjord.

For further information, please see today’s announcement from DOF Subsea AS where they state “the completion of the Restructuring creates a stable and viable platform for the restructured Group through (i) a substantial conversion of debt into equity, (ii) reinstated debt terms supporting liquidity and providing significant maturity runway, and (iii) the simplification of the Group’s financing structure. The Restructuring therefore leaves the Group well positioned to support its operations, secure new contracts and continue to deliver on the Group’s strategy.”