Finance department rebel Biart Brondmo resigned from the company’s board of directors, according to A Stock announcement Tuesday.
The company states that he is resigning of his own volition, and that no extraordinary general meeting will be held to find a replacement.
“I have no further comments on the company’s letter,” Chairman of the Board Leif Christian Salomonsen wrote in a short letter to Finansavisen.
So far, Finansavisen hasn’t been able to get comment from Brøndmo himself.
Long-crisis-hit shipping company DOF has been trying to reach a restructuring solution with its creditors, and in November they finally negotiated an agreement. However, a group of minority shareholders was not happy with this, and voted it out at an extraordinary general meeting.
Shortly thereafter, the Ministry of Finance requested that negotiations for the reconstruction take place in the Hordaland District Court. These negotiations are still ongoing.
In November, the minority shareholders demanded a new board of directors, and in December they succeeded. This was stated by Leif Salomonsen (Chairman of the Board of Directors), Beatrice Malo de Molina, Meret Högli, Tore Grotom and the second largest shareholder of the company, Baart Brondmo.
Not satisfied
The minority shareholders of the Department of Finance believe, among other things, that the company’s operating capacity and core values have become much better than what is the basis for the restructuring solution entered into between the previous board of directors and creditors.
However, the Ministry of Finance’s creditors have confirmed several times that there is no room for further negotiations on this issue.
After the election of the new board of directors, new chairman Leif-Christian Salomonsen told Finansavisen that the board would work closely with management, creditors and other stakeholders in the finance department.
– None of us on the new board of directors had any insight into the operations, we just have to be humble and form an opinion about what has been done and what agreements are in place. Then he said we could finally see if there was anything that could be done.
Outgoing chairman Hans-Olav Lindahl did not believe that the new board of directors would be able to achieve a better arrangement for the company’s debts.
– The fact is that the new board of directors does not have any more leeway than the outgoing board, Lindahl told Finansavisen.
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