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...
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