Lenders Push for Court Auction of Mercator’s Bulker

Creditors of Singapore’s Mercator Lines are trying to push a court auction of the arrested vessel MV Garv Prem, which the company already agreed so sell to them in January 2016.

Madison Pacific Trust Limited has taken steps in the Bombay High Court, on behalf of the syndicate lenders, to launch a sale of the 74,000 dwt vessel, which was arrested in the port of Gangavaram, India.

The 2006-built bulk carrier is one of five bulk carriers which were agreed to be sold as the company made a decision to exit the dry bulk business and divest its fleet of 11 bulkers, ranging between 70,000 and 92,500 dwt, as part of its restructuring efforts.

Other vessels mentioned in the agreement, MV Sri Prem Veena, MV Garima Prem, MV Gaurav Prem and MV Aarti Prem, were scheduled to join their new owners by February 2016.

Mercator earlier said that the vessels were sold on an arms-length basis at market value for total net proceeds of USD 32.2 million, adding that the proceeds from the sale were used to cut the debt owing to the lenders.

World Maritime News Staff

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