NORSK TILLITSMANN ASA Suspension of Payments
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NORSK TILLITSMANN ASA www.trustee.no Denne melding til obligasjonseierne er kun utarbeidet på engelsk. For informasjon vennligst kontakt Norsk Tillitsmann ASA To the bondholders in: ISIN: NO 001 035406.1 -FRN Ability Drilling ASA Callable Senior Unsecured Bond Issue 2007/2012 Oslo, 8 November 2010 Suspension of payments - Summons to Bondholders’ Meeting 1. Introduction Norsk Tillitsmann ASA (“NTM”or the “Trustee”)acts as loan trustee for the loan mentioned above (the “Loan”)made available under a loan agreement dated 7 February 2007 (the “Loan Agreement”)between Ability Drilling ASA(Company No 989 761 846) as borrower (the “Company”or the “Borrower”)and the Trustee. All capitalized terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the Loan Agreement or in this summons to the Bondholders’ meeting unless otherwise stated. 2. Background ' The bankruptcy of the Borrower was initiated subsequent to a bankruptcy petition dated 27 May 2009 received by Nordhordland District Court on 27 May 2009. For a general update related to the progress of the handling of the different matters, please see the appended report from the administrator of the estate dated 6 October 2010, Appendix 1. ;' < There has been called for a meeting of creditors in a letter from the Nordhordland District Court dated 1 November 2010 (the“Meeting of Creditors”),the summons for the meeting is appended as Appendix 2. The agenda of the meeting of creditors is presented in the summons. The first matter on the agenda subject to discussion and approval is the settlement agreement between Ability Drilling Malta Ltd., Ability Drilling Malta Germany II Ltd and the winding- up estate of Ability Drilling ASA on the one hand and TTS Sense AS and TTS Group ASA on the other, this agreement is appended in Appendix 3. The second matter on the agenda subject to discussion and approval is related to the numbers of the members of the liquidation committee. The background of this matter is described in a letter from the administrator of the estate to Nordhordland District Court dated 21 October 2010,appended as Appendix 4.The Trustee (on behalf of the Bondholders) is represented in the liquidation committee by Mr. Eystein Koppang. MAILING ADDRESS ® P.O.BOX I4 7 O VIKA, N-OIl6 OSLO LOCATION © HAAKON VII GATE I, OSLO, NORWAY phone s +47 22 87 94 00 fax « +47 22 87 94 10 org.nr • no 963 342 624 MVA e-mail [email protected]® llbf NORSK TILLITSMANN ASA The third matter on the agenda conCCrnS'a- petition for deposition to be taken, and is also given account for in the letter in Appendix 4. 3. The Proposal The Trustee proposes the following resolution (the “Proposal”): 1. The settlement agreement between Ability Drilling Malta Ltd., Ability Drilling Malta Germany II Ltd and the winding-up estate o f Ability Drilling ASA on the one hand and TTS Sense AS and TTS Group ASA on the other is approved. 2. Provided that Norsk Tillitsmann ASA (on behalf of the Bondholders) is represented in the liquidation committee by Mr. Eystein Koppang, it is approved that the liquidation committee shall not have more than one member. 3. It is approved that a petition for deposition shall not be taken. 4. Further, it is restated that Norsk Tillitsmann ASA (on behalf of the Bondholders) is authorised and instructed to represent and vote on behalf of the Bondholders in all matters concerning the bankruptcy of the Company, hereunder to represent the Bondholders at the Meeting of Creditors and any other meeting of creditors or any other meetings (if necessary) related to all matters and to enter into all necessary agreements on behalf o f the Bondholders related to the bankruptcy, as well as to carry out the necessary completion work. To enable the Borrower to conduct the proposed resolution, the Trustee has summoned a Bondholders’ meeting to consider the approval of the proposed changes. 4. Bondholders’ meeting: Bondholders are hereby summoned to a Bondholders’ meeting: Time: Wednesday 17 November 2010 at 1300 hours (Oslo time), Place: The premises of Norsk Tillitsmann ASA, Haakon VIIs gt 1, 01061 Oslo - 5th floor Agenda: 1. Approval of the summons. 2. Approval of the agenda. 3. Election of two persons to co-sign the minutes together with the chairman. 4. Request that the Bondholders’ meeting approve the proposal: It is proposed that the Bondholders’ meeting resolve the following: The Bondholders ’ meeting approve the Proposal as described in Clause 3 in the summons to this Bondholders ’ meeting. Norsk Tillitsmann ASA is given power of attorney to enter into all necessary agreements in connection with the decision made on the Bondholders ’ Meeting as well as to carry out the necessary completion work. -.2- NORSK TILLITSMANN ASA Norsk Tillitsmann ASAiS'ehlilUd to deduct any cost in connection with the handling of the bankruptcy situation from any proceeds to the Bondholders. To approve the above resolution, Bondholders representing at least 5/10 of the Bonds represented in person or by proxy at the meeting must vote in favour of the resolution. In order to have a quorum, at least 5/10 of the voting Bonds must be represented at the meeting. If the proposal is not adopted, the Loan Agreement will remain unchanged. Please find attached a Bondholder’s Form from the Securities Depository (VPS), indicating your bondholding at the printing date. The Bondholder’s Form will serve as proof of ownership of the Bonds and of the voting rights at the bondholders’ meeting. (If the bonds are held in custody - i.e. the owner is not registered directly in the VPS - the custodian must confirm; (i) the owner of the bonds, (ii) the aggregate nominal amount of the bonds and (iii) the account number in VPS on which the bonds are registered.) The individual bondholder may authorise the Norsk Tillitsmann to vote on its behalf, in which case the Bondholder’s Form also serves as a proxy. A duly signed Bondholder’s Form, authorising Norsk Tillitsmann to vote, must then be returned to Norsk Tillitsmann in due time before the meeting is scheduled (by scanned e-mail, telefax or post - please see the first page of this letter for further details). In the event that Bonds have been transferred to a new owner after the Bondholder’s Form was made, the new Bondholder must bring to the Bondholders’ meeting or enclose with the proxy, as the case may be, evidence which the Trustee accepts as sufficient proof of the ownership of the Bonds. For practical purposes, we request those who intend to attend the bondholders’ meeting, either in person or by proxy other than to Norsk Tillitsmann, to notify Norsk Tillitsmann by telephone or by e-mail (at set out at the first page of this letter) within 16:00 hours (4 pm) (Oslo time) the Banking Day before the meeting takes place. Yours sincerely Norsk Tillitsmann ASA Linn Verås Enclosed: Bondholder’s Form TM Bergen Advokatfirmaet Vogt & Wiig AS Oslo w o Q t w i q Trondheim ^■10 Singapore Bergen Christies gate 3A P.0. Box 1213 Sentrum N-5811 Bergen, Norway tel. +47 55 56 82 00 fax. +47 55 56 82 01 Nordhordland tingrett [email protected] Postboks 7418 Org.nr. NO 882 972 992 MVA 5020 BERGEN Swift Code, ndeanokk Client Acc. 6012.05.36071 IBAN: NO7860120536071 Office Acc. 6074.06.81055 IBAN: N08260740681055 vogtwiig.no 06.10.2010 ÅRSINNBERETNING - SAK NR 09-084819KON-NOHO ABILITY DRILLING ASA - d e t s k o n k u r s b o 1. Adressater for innberetningen 1.1 Nordhordland tingrett, postboks 7418, 5020 Bergen 1.2 Kreditorene 1.3 Konkursregisteret 1.4 Konkursdebitor v/styrets leder Geir Nordahl-Pedersen, Brattholmen 112, 5350 Brattholmen 1.5 Skatt vest, postboks 8103, 4068 Stavanger 1.6 Hordaland politidistrikt, [email protected] 1.7 NAV Lønnsgaranti, postboks 8103 Dep, 0032 Oslo 1.8 Innberetningen blir lagt ut på bosiden, www.altinn.no 2. Hvem saken gjelder 2.1 Debitors navn: Ability Drilling ASA 2.2 Forretningsadresse: Trollhaugmyra 15, 5353 Straume 2.3 Selskapets organisasjonsnummer: 989 761 846 2.4 Boets organisasjonsnummer: 994 148 427 2.5 Bransje: Selskapets vedtektsfestede formål er beskrevet som "Eie, drift og management av borerigger og offshoreutstyr, samt annen tilknyttet virksomhet innen offshore og landbasert oljenæring, herunder investering i andre selskap." 2.6 Konsern: Debitor er morselskap i konsern. 51081\033 - Ability Drilling ASAM7. Boets innberetningerM00914 - Årsinnberetning norsk - MASTER.doc 2 vogtwng~ 3. Hovedtrekk i bobehandlingen etter midlertidig innberetning 3.1 Innledning Vi viser til midlertidig innberetning datert 16.9.2009. Innberetningene må leses i sammenheng. Informasjon i midlertidig innberetning vil ikke bli gjentatt med mindre det er hensiktsmessig for fremstillingen. Arbeidet i boet etter midlertidig innberetning har i hovedsak vært knyttet til arbeid med å forsøke å realisere aktiva i konkursdebitors datterselskaper, samt å håndtere tvisten med TTS Sense AS og TTS Group ASA. Bobehandlingen er så omfattende at det i denne innberetning vil bli lagt vekt på å gjøre rede for de sentrale spørsmål i bobehandlingen og at forhold av relativt sett mindre betydning, ikke vil bli berørt. 3.2 Noen formelle forhold TTS Sense AS anmodet i brev til Nordhordland tingrett datert 1.11.2009 at det skulle avholdes skiftesamling i boet for å ta stilling til diverse spørsmål i anledning bobehandlingen. Boet motsatte seg ikke at det ble avholdt skiftesamling, og tilskrev Nordhordland tingrett i brev 18.11.2009 vedrørende dette. Retten innkalte til skifte samling ved brev 25.11.2009 at det skulle avholdes skiftesamling 15.12.2009 og kalte inn til denne. I skiftesamlingen redegjorde bostyrer for status på bobehandlingen, med fokus på de spørsmål som ble reist.