Nova Star Cruises Goes Bankrupt

Nova Star Cruises Limited (Nova Star), a ferry company operating in Nova Scotia and Maine, filed for bankruptcy with Halifax district court on April 13, 2016, the company’s trustee said. 

The company resorted to the move having accrued USD 15 million in debt to creditors. What is more, Nova Star is linked to numerous outstanding payments to the city of Portland, Portland Pilots and Portland Tugboat to name just a few.

The company ran into trouble at the start of its operation amid regulatory delays and lower than expected demand for its service, specially in 2015.  The situation for the ferry operator was further exacerbated due to the fact that the company lost contract for the ferry service between Yarmouth, Nova Scotia and Portland, for the 2016 season.

Namely, the company’s Ropax ferry MV Nova Star, was operating on the route since 2014.

Deloitte Restructuring Inc. (Deloitte) was appointed the trustee of the estate by the official receiver.

According to Deloitte, the first meeting of creditors is scheduled to be held on May 4, 2016 in Yarmouth, Nova Scotia.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 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 31 1 2

Global Sustainable Shipping Forum 2019

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

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >