Primorsk To Sell Tanker Fleet To Russian Firm For $215M

Law360, Wilmington (July 5, 2016, 7:37 PM EDT) -- Cyprus-based shipping firm Primorsk International Shipping Ltd. will ask on Thursday for court approval of the sale of its nine-ship tanker fleet to the largest shipping company in Russia for $215 million, completing the transfer of all its assets in a Chapter 11 auction.

Russia's largest shipping firm was the highest bidder in a Chapter 11 auction for the nine-vessel fleet of bankrupt firm Primorsk International Shipping Ltd. with an offer of $215 million for all of Primorsk's assets.

In court papers filed on Friday in...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Primorsk International Shipping Limited


Case Number

1:16-bk-10073

Court

New York Southern

Nature of Suit

Date Filed

January 15, 2016

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.