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Long before John Fredriksen's drilling company filed for US Chapter 11 bankruptcy protection against its creditors, the company spent vast sums on lawyers, reports Norwegian media Dagens Næringsliv.
Yet another company under Singapore's once-booming offshore company Ezra has collapsed. Subsidiary Lewek Champion, with the offshore vessel of the same name, has been declared bankrupt by Singapore's high court.
Suppliers to the international shipping industry, including bunker suppliers, should include Rotterdam courts as jurisdictions in their contracts, recommends law firm AKD. The Netherlands is an arrest paradise, notes the firm. And the new EU rules pave the way for arrests in other EU nations.
"We now expect that the debt recovery process will be done at a higher pace than before," says lawyer John Sommer Schmidt, trustee in the OW Bunker estate, in an interview with ShippingWatch after the UK Supreme Court verdict on Wednesday.
Dry bulk carrier Global Maritime Investments Cyprus has succumbed to the crisis and has filed for receivership in New York.
Claims against bankrupt Copenship stands at around USD 110 million in total. Bunker suppliers have the biggest sums trapped in the collapsed dry bulk operator. But there are doubts how many of the creditors will get their money back, sources tell ShippingWatch.
Harim Group, owner of bankrupt-stricken bulk giant Pan Ocean, has a plan ready for the Korean company, which is struggling to survive in a dry bulk market that is far worse than at the bankruptcy in 2013.
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