Search results for: creditors

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  • 24 December 2015
    Business & Finance

    Certain creditors of the South Korean shipbuilder STX Offshore & Shipbuilding Co. voiced their disapproval of a financial aid package to the troubled shipbuilder worth KRW 450 billion (USD 385 million), Yonhap news agency reports. As informed, Woori Bank and KEB Hana Bank, who hold 10 percent stake in the yard, do not want to back the bailout plan amid […]

  • 17 July 2015
    Business & Finance

    South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co (DSME) has confirmed to be in discussions with its creditors on potential moves that would improve the company’s financial status. The shipbuilder said in a filing with Korea Stock Exchange that it was considering various measures with creditors, but it did not disclose any further details on […]

  • 30 August 2016
    Business & Finance

    The ailing South Korean container carrier Hanjin Shipping has taken a step toward bankruptcy as its creditors said they would not provide additional financial support to the company. The creditors, led by state-run Korea Development Bank (KDB), said they would halt financial support for the company as of September 4, Reuters cited KDB. Namely, Hanjin Shipping’s self-rescue plan fell […]

  • 27 April 2015
    Business & Finance, Operations & Maintenance

    Singapore-based oilfield services firm, Otto Marine, informed that a creditor of the company has filed a winding up application with the Singapore High Court to wind up the Company. The Court has made directions for the application to be heard on 15 May 2015. The total sum claimed against the Otto Marine, pursuant to the application […]

  • 21 June 2019
    Business & Finance, Operations & Maintenance

    Norwegian vessels owner and operator Solstad Offshore said it has secured extension with a number of its key creditors for the suspension and deferral of payments. In December 2018 and April 2019, a number of the companies in the SOFF group entered into agreements for the suspension and deferral of payments until June 20, 2019. […]

  • 31 March 2016
    Business & Finance

    Marshall Islands-registered owner of Supramax dry bulk vessels Eagle Bulk Shipping has reached an agreement with its lenders and holders of approximately 75% of the company’s outstanding equity for a comprehensive balance-sheet recapitalization. The deal comes after a number of delays and extensions of the forbearance period on its loan which was due to be paid in […]

  • 26 October 2016
    Business & Finance

    Charter owners, terminal operators and container lessors have been identified as the largest among Hanjin Shipping’s claim creditors, according to Alphaliner. Non-operating containership owner Seaspan tops the list of individual creditors with outstanding claims of KRW 46 billion (USD 41.6 million). Together with other containership owners identified by Alphaliner, total claims for unpaid charter hire and […]

  • 17 July 2015
    Business & Finance

    South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co (DSME) has confirmed to be in discussions with its creditors on potential moves that would improve the company’s financial status. The shipbuilder said in a filing with Korea Stock Exchange that it was considering various measures with creditors, but it did not disclose any further details on […]

  • 11 May 2016
    Business & Finance

    Cash-strapped South Korean shipbuilder Hanjin Heavy Industries & Construction Co. (HHIC) has signed a Memorandum of Understanding (MoU) on business normalization plan with its creditors, led by the Korea Development Bank, on May 10. The shipbuilder filed a request to restructure its debt with its creditors in January, having been faced with liquidity shortage. Under the deal, valid until […]

  • 15 March 2017
    Business & Finance

    Creditors of the cash strapped Korean shipbuilder Daewoo Shipbuilding & Marine Engineering are looking to secure another rescue package for the company of up to KRW 3 trillion (USD 2.6 billion), Yonhap News Agency cited industry sources. Led by the state-run Korea Development Bank (KDB), the creditors said that the financial support would be provided amid a decrease […]

  • 12 February 2020
    Business & Finance

    Premier Oil has gained approval from the majority of its creditors for the schemes of arrangement required for the acquisition of North Sea assets from BP and Dana Gas. The schemes still remain subject to a court approval.

  • 16 January 2020
    Business & Finance

    Premier Oil has received a court approval to go ahead with a plan to have its creditors vote to extend debt maturities and buy UK North Sea fields from BP and Dana Petroleum.

  • 14 September 2015
    Business & Finance

    Indian-owned dry bulk specialist Mercator Lines (Singapore) Limited has asked the Singapore High Court for a stay of proceedings against the company to oppose an application filed on September 10 by its creditor – the Singapore branch of HSH Nordbank AG –  which would place the company under judicial management. Mercator Lines has also asked the court for leave to convene meetings of […]

  • 26 December 2017
    Business & Finance

    Singapore-based Marco Polo Marine has obtained court approval for a debt restructuring of its shipyard in Indonesia. 

  • 29 February 2016
    Business & Finance

    The future of Oslo-listed bulker owner Bulk Invest ASA is highly uncertain, the company said in its financial report for the fourth quarter of 2015. Namely, if a solution is not found with the key creditors within a few weeks, Bulk Invest will not be able to survive under the present market conditions. “In case […]

  • 20 August 2009

    All Eimskip’s unsecured creditors have now voted in favour of the composition proposal, which was therefore approved. Eimskip states that it will “preserve the company’s operations and safeguard 1,500 jobs”. The next step for the company is to submit a written petition for confirmation of the composition agreement to the district court judge next week. […]

  • 9 April 2018
    Business & Finance

    Offshore driller Seadrill has obtained full support from its creditors for the reorganization plan aimed at reducing its massive debt. 

  • 5 January 2017
    Business & Finance

    Farstad Shipping and Siem Oil Service Invest (SOSI) informed that the companies have not succeeded in finding a solution for the restructuring of Farstad which is acceptable to all affected creditors. Farstad has for a period of time negotiated with its key creditors to obtain a financial restructuring of the group supported by SOSI. However, the term sheet between Farstad […]

  • 14 September 2015
    Business & Finance

    Indian-owned dry bulk specialist Mercator Lines (Singapore) Limited has asked the Singapore High Court for a stay of proceedings against the company to oppose an application filed on September 10 by its creditor – the Singapore branch of HSH Nordbank AG –  which would place the company under judicial management. Mercator Lines has also asked the court for leave to convene meetings of […]

  • 2 June 2016
    Business & Finance

    Klaipeda County Court has decided to declare the PC Lithuanian Shipping Company bankrupt and began the process of liquidation, the company said in a notice to creditors dated May 30. As disclosed, the bankruptcy administrator is convening the meeting of the creditors of the insolvent company on 10 June 2016, the agenda being the sale process of the movable […]

  • 25 March 2016
    Business & Finance

    South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) has sealed a deal with its creditors on the shipbuilder’s self-rescue plan that will see the two parties enter joint management of the company. However, the agreement, set to enter into force in the coming month and a half, stipulates for major workforce cuts, predominantly through voluntary retirement, […]

  • 2 December 2016
    Business & Finance

    Swiber Holdings has received an extension of judicial management from the Singapore High Court for further 180 days. The company along with its subsidiary Swiber Offshore Construction will see the judicial management extended until October 01, 2017. To remind, Swiber has been put under judicial management in October 2016. The Court appointed KPMG as the judicial […]