According to the Norwegian financial paper Dagens Næringsliv, the Americans fear that Aker Kværner’s main stockholder, Kjell Inge Røkke, is selling off assets in order to issue substantial share dividends to himself.
The mortgage bond owners, who have lent NOK 3.9 billion (USD 574 million) to Aker Kværner, are meeting in Oslo Wednesday to vote over the splitting suggested by the Kværner management. The group consisting of the five American lenders, who control about 17 percent of the loan, are trying to persuade other creditors to vote no to the suggested plan of splitting company into three companies.
In order for the American to succeed at least one third of the people present have to vote against the proposal.
The paper’s sources stressed that the goal is not to prevent the splitting of Aker Kværner, but to change the proposed plan of action in advantage of the lenders.