Bankruptcy claim lodged against Fesco

Bankruptcy claim lodged against Fesco

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.

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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