Oslo: Team Tankers International voluntary offer to to take over Eitzen Chemical has been approved by the latter’s shareholders, paving the way for the disappearance of a grand name in Norwegian shipping.
The first day of trading of Team Tankers International’s shares on the Oslo Børs is expected be next Monday.
Eitzen, the famous tanker owner, has been suffering financially and has been through a significant restructuring.
The new company, Team Tankers International, is a result of hard negotations with the carrier’s financial partners. A majority of the carrier’s banks chose to sell their loans to various equity funds.
Team Tankers International internal restructuring of Eitzen Chemical changes the legal domicile of the business to Bermuda from Norway.