Eitzen Chemical replaces banks with equity funds

Financially struggling Norwegian tank carrier Eitzen Chemical has replaced pretty much all its bank connections with private equity funds. "It's natural," says CEO Jens Grønning. One of the funds is fairly new in shipping.

According to ShippingWatch's sources, several of Norwegian tank carrier Eitzen Chemical's traditional bank connections, including Nordea, have sold their loans in the financially struggling carrier.

The development concerns 8 banks, with a total outstanding debt of around USD 500 million, who have divested their loans to a series of major private equity funds, including American Angelo Gordon. The New York-based investment company administrates funds totaling around USD one billion and is particularly active in real estate. But the company generally places funds in "well-managed companies with a solid potential for creating value."

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