Bulk Invest, the Norwegian owner formerly known as Western Bulk, has said a new financial agreement must be hammered out with its creditors “within a few weeks” if it is to survive. In its latest quartertly results released yesterday, the firm said its long-term chartered in ships are operating at a loss and that its future is “highly dependent” on negotiating lower charter rates and sealing a deal with creditors.
If “no solution is achieved, [Bulk Invest] will most likely not be able to continue its business,” the company said in a statement, adding that any new arrangement needs to be concluded “within a few weeks,” the firm said.
