Bulk Invest to Be Delisted from Oslo Børs
The shares of Norwegian dry bulk company Bulk Invest ASA are to be delisted from Oslo Børs, the Norwegian stock exchange said today.
The last day of listing will be May 30, 2016, according to Oslo Børs.
In March 2016, the company filed a petition for bankruptcy since it was unable to reach a deal on restructuring with its creditors.
All restructuring efforts proved to be futile following the rejection of the company’s restructuring proposal by seven ship owners, who filed an injunction to reverse the company’s sale of Western Bulk Chartering AS on 25 February 2016.
Bulk Invest explored a number of different restructuring alternatives, and its final restructuring proposal presented to the ship owners included immediate cash payments to the ship owners, the continuance of the Bulk Invest group’s charter parties at rates significantly above the current market, and an envisaged recapitalisation of the company in the amount of approximately USD 40 million.
World Maritime News Staff