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Primorsk ditches restructuring in favour of ship sell-off

Russian tanker player Primorsk International Shipping has dropped its restructuring plans in favour of pushing through asset sales, its lawyers told a bankruptcy court in Manhattan on Friday. Creditors have until Wednesday to object to the motion.

Primorsk took the decision as Nordea Bank and other lenders, who are owed around $263m, are pushing the Cyprus-registered line to sell ships as they feel its restructuring plan is unrealistic.

The company has nine ice-classed tankers, which could be auctioned swiftly.

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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