Nordea unhappy with Prisco Chapter 11 ruling

Nordea unhappy with Prisco Chapter 11 ruling

Swedish bank Nordea has attacked the terms laid out by a judge in Manhattan that will see Russian tanker firm Primorsk International Shipping (Prisco) keep operating. A New York bankruptcy judge yesterday allowed Prisco to use encumbered cash in order to keep operations of its nine-strong fleet afloat in Chapter 11.

Prisco filed for Chapter 11 protection over the weekend saddled with $262.2m in debt. Prisco is owned by Apington Investments, a British Virgin Islands holding company, which is controlled by Russian native Alexander Kirilichev.

Lawyers for Nordea, which has a $530m secured loan facility with Prisco, questioned the ruling.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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