Thorco and shipping bank tried to sell ships for months before bankruptcy

Thorco and a German bank tried for months to sell two insolvent ships. During negotiations about the debt, the bank got worried that the Stadil family would not put up fresh money. "That has never been the intention," owner Thor Stadil tells ShippingWatch.

Thor Stadil confirms that it was never the intention that Thornico would put up fresh money to avoid a bankruptcy in two ship-owning companies. | Photo: PR / Thorco

Thorco negotiated with a German shipping bank for several months before the talks broke down and the owner companies behind two ships were declared bankrupt.

Last year, Thorco, which is owned by the Stadil family, started negotiations with Hamburg Commercial Bank (HCOB) about the remaining debt in the two companies Thorco Isabella ApS and Thorco Isadora ApS, which matured in November 2019.

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