The judicial manager appointed to oversee the bankruptcy of Mercator Lines (Singapore) has announced five ships of the listed dry bulk subsidiary of the Indian owner are to be sold to lenders for $32.3m.
The vessels – Sri Prem Veena, Garima Prem, Garv Prem, Gaurav Prem and Aarti Prem – were sold at market value, Mercator said in a release.
The vessels will be delivered by February this year.
The firm’s chairman and non-executive director, Harish Kumar Mittal, and three other non-executive directors have resigned from the firm in the past month.
