London-listed Goldenport Holdings plans to sell its entire fleet back to entities controlled by founding family Dragnis and to dissolve the listed firm. The deal is subject to creditors allowing the debt to change hands.
The company has six bulkers and two boxships.
A two thirds majority will be needed among shareholders at an extraordinary general meeting to be held of March 31.
Robert Crawley, Goldenport’s non-executive chairman, said in a letter to shareholders: “The proposed transaction would not only eliminate the risk of securing employment for the vessels, but also reduce cash outflows associated with operating expenses related to the vessels while they remain idle.”