Tanker

Lack of financing breaks Norway's Skaugen

Norwegian gas carrier IM Skaugen will probably be liquidated after it failed to settle a refinancing deal with Nordea. Morits Skaugen apologizes in a personal letter to shareholders and bondholders. Read the full affidavit from the Singapore High Court here.
by TOMAS KRISTIANSEN

Gas carrier IM Skaugen is facing liquidation after receiving a final rejection from its Nordea-headed bank consortium to a refinancing of its debt, which was supposed to secure the owners of the shipping company, both shareholders and bondholders.

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