Primorsk Files for Bankruptcy Protection

Cyprus-registered tanker owner Primorsk International Shipping Ltd. has filed for bankruptcy with the U.S. Bankruptcy Court in New York, writes the Wall Street Journal.

The company filed for Chapter 11 having been unable to pay up its debt to Norwegian lenders, especially following its ill-timed expansion that forced the oil carrier to dispose of its fleet.

Primorsk resorted to court protection after last week’s seizure of the company’s bank account in London, WSJ said, with bank lenders seeking payment of USD 262.2 million worth of loans.

Should the court protection be approved, the company’s prospects for a bailout are solid as Primorsk remains profitable.

Primorsk International is owned by  British Islands-based holding company Apington Investments, controlled by Russian businessman Alexander Kirilichev. The company has nine ice-class tankers in its fleet engaged in transporting of oil products, edible oil and chemical cargo.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>


<< Sep 2019 >>
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >