Oslo-listed IM Skaugen has filed restructuring applications at the High Court in Singapore. Specifically the Norwegian tanker owner has sought a moratorium to commence the reorganisation of liabilities and businesses for most of the group bar its Norgas-related LNG activities.
With the filing, the hard hit group automatically qualifies for protection from the Singapore Court under a 30-day moratorium that will apply against creditors’ claims. The company has said it will seek to get the court to extend this moratorium beyond this initial month-long period.
Singapore’s High Court has been busy in recent years ruling on many shipping and offshore restructurings.
“The moratorium will provide much-needed space and time for the IMS Scheme Companies to complete their business transformation from seaborne transportation of LPG/Petrochemicals to regional distribution of LNG through its unique fast- track, low capex Small Scale LNG concepts; target areas for growth and pursue new business opportunities; and focus on the ongoing discussions with strategic investors,” IM Skaugen stated in a release to the Oslo Bors.
The company presented a restructuring plan on April 4 this year, which had the support from most of its stakeholders.
Morits Skaugen (pictured) is the third generation at the helm of the shipping firm, one of Norway’s most famous tanker names. The 102-year-old company has been focused on LNG, LPG and petrochemical gas carriers for many years.