The High Court has ordered the release of documents linked to the restructuring of cruise operator Hurtigruten Group’s debt, after some minority lenders claimed they were unfairly treated during the process.
The ruling is the latest development in a dispute over the cruise line’s financial restructuring, which was completed last year after the company sought to reduce a $650 million debt burden and secure new funding.
The financial restructure involved a plan overseen by Kroll Trustee Services, which acted as security agent and trustee under an Intercreditor Agreement (ICA).
A group of minority lenders opposed the restructuring plan, but it was pushed through. The minority lenders are now considering legal action and had asked Kroll to hand over documents explaining how the transaction was put together and approved.
Kroll argued that the documents were confidential, but the court has now ruled they should be disclosed before any formal claim is launched.
According to court filings, a majority group of lenders backed a deal for fresh funding, while dissenting lenders received a less favourable outcome.
The ruling does not determine whether Hurtigruten’s restructuring was lawful or whether the minority lenders’ complaints have merit. A challenge to the validity of the restructuring itself would have to be made in separate legal proceedings.
Last month, Hurtigruten completed a €430 million refinancing deal designed to simplify its capital structure and reduce financing costs, alongside a €100 million equity injection from shareholders.
The latest refinancing is not part of the court dispute but is aimed at stabilising the business going forward.
