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Additional equity or bust? Bulk Invest’s last throw of the dice

Bulk Invest, the shorn off owning division of what used to be known as Western Bulk, has sent a written enquiry to its main creditors “to initiate a dialogue and pursue potential solutions to the company’s challenging financial situation”, the firm said in a release on the Oslo Bors.

The financially struggling Norwegian bulk player has splintered operations recently. On February 1 its chartering division was sold to Kistefos, a Norwegian private investment firm led by Christen Sveaas, who is chairman of the Oslo-listed shipping group. The rump left over was subsequently renamed Bulk Invest.

Bulk Invest also revealed today it has mandated a financial advisor to assist with the restructuring of its chartered-in fleet. The mandate also includes a plan to potentially raise additional equity capital if a viable solution with the main creditors is achieved.

“If no acceptable solution for the company with the main creditors is achieved, the basis for the company’s continued operations will be reassessed,” Bulk Invest warned.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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