Eitzen Chemical performs large impairment

Eitzen Chemical, which last month entered into a large debt agreement with the company's creditors, ended 2014 with a significant impairment of over USD 74 million.

Eitzen Chemical finished the last quarter of 2014 with an operating profit of USD 6.9 million compared to USD 4.3 million.

The tanker carrier, which will change its name to Team Tankers International, has since February last year struggled to close the deal with the carrier's financial partners. In February, a majority of the carrier's traditional banks chose to sell their loans. The banks, with about USD 500 million in assets, sold the loans to various equity funds such as Angelo Gordon.

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