Swedish bank Nordea has attacked the terms laid out by a judge in Manhattan that will see Russian tanker firm Primorsk International Shipping (Prisco) keep operating. A New York bankruptcy judge yesterday allowed Prisco to use encumbered cash in order to keep operations of its nine-strong fleet afloat in Chapter 11.
Prisco filed for Chapter 11 protection over the weekend saddled with $262.2m in debt. Prisco is owned by Apington Investments, a British Virgin Islands holding company, which is controlled by Russian native Alexander Kirilichev.
Lawyers for Nordea, which has a $530m secured loan facility with Prisco, questioned the ruling.
