A central shareholder challenged Dof’s rebellion against the company’s bankruptcy. Now the court has rejected the appeal.
This was revealed in a ruling by the Gowling Court of Appeal, first mentioned before coastal industry.
Bjarte Brønmo, one of Dof’s largest shareholders before bankruptcy and a central figure in the shareholders’ revolt, filed for bankruptcy again in March.
According to Pronmow, the right of appeal was based on the fact that he was a creditor and former board member, in part due to the fact that he had outstanding payments and board fees.
Rejects the appeal
In the ruling, the Court of Appeal held that Pronmow had no right to appeal as a former member of the board, and the court wrote that “since Pronmow’s role as creditor had diminished after the appeal was lodged, the Court of Appeal found it more appropriate to raise the appeal.”
The Court notes that Pronmo’s claim has now been paid.
Commenting to Kystens Næringsliv, Bronmeau said he was “disappointed with the decision and believes it is not justified”.
Attorney Egil Horstad, who is responsible for the bankruptcy estate in Dove, notes the decision as “correct and consistent with what we stated.”
After several years of debt negotiations and shareholder mutiny over the way forward for Dove, the Hordaland County Court opened bankruptcy in February following demands from creditors.
It happened after several shareholders, led by Pronmo among others, came together in a group that first voted against the plan that was supposed to clean up billion dollar debts.
Among other things, the shareholder group stated that they believed the fleet was incorrectly assessed based on current activity in the overseas market.
After failed rescue attempts, creditors asked the court to open bankruptcy, but they also entered into an agreement that protected Dof’s operations.
Today, that process has been completed, and the initial public offering of the “new” Dof is on the way.
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