Financially troubled Australian livestock exporter Wellard may be forced to sell one of its ships after it defaulted on debt payments today.
The company said today it was looking at ways of restructuring its balance sheet, including the possibility of selling a vessel.
Earlier this month it was revealed Mauro Balzarino, the founder and CEO of Wellard for the past 15 years, had stepped down. Executive chairman John Klepec is running the company at present.
Wellard has been in financial trouble for much of this decade, forced to suspend trading on the local stock exchange and being in breach of its debt covenants on more than one occasion.
The Wellard fleet today comprises four ships according to European shipping database Equasis.