Eitzen Chemical ASA has today, 26 November 2009, held an Extraordinary General Meeting ("EGM") based on the summons dated 5 November 2009.

 

The EGM resolved all proposals on the agenda, including the private placement of 515,200,000 new shares in Eitzen Chemical.

This successfully concludes the financial restructuring of Eitzen Chemical and the EGM resolution fulfills the conditions to the agreements with the banks announced earlier today and the agreement with the bondholders announced on 29 September 2009.

In addition, the chairman informed that the Board will ask the nomination committee to prepare a proposal for a new board composition reflecting the new shareholder structure. The Board will call for a new EGM when the proposal has been prepared.

 

The minutes from the EGM are enclosed.

 

Eitzen Chemical is an industrial carrier of petrochemical and related cargos with a total fleet of 84 vessels. 62 vessels are owned and leased, and a further 22 vessels are operated for partners.

 

For further information, please contact:

 

Terje Askvig
Chief Executive Officer
0047 2400 6170

 

Per-Hermod Rasmussen
Chief Financial Officer
0047 2400 6175