Another Russian owner is in dire financial trouble. A bankruptcy claim has been lodged in Moscow against Fesco, one of Russia’s largest transport firms with interests in shipping, ports, rail and logistics.
Kapital Asset Management, Russia’s seventh largest asset management firm, filed the claim at the end of last month after Fesco defaulted on bonds. Fesco maintains it is in discussions with its creditors to resolve its current financial predicament. Fesco has frozen a number of bond payments in the past six months. Last November it also faced another bankruptcy claim from Interprombank.
Moscow-headquartered Fesco can trace its roots back to 1880 as a link to Russia’s Far East. In 1935 it was officially named Far East State Shipping Company.
A year ago Russian shipping was rocked by the bankruptcy of Primorsk International Shipping.