AmericasFinance and InsuranceTankers
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.