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Ex-Torm owner to file for bankruptcy following billion-dollar loss

The dry cargo carrier Excel Maritime will file their petition in bankruptcy under Chapter 11 following losses of 1.5 billion USD in 2012. On Tuesday, the share was suspended from the New York Stock Exchange.

Photo: LARS KRABBE

With a debt of over 1 billion USD, the dry cargo carrier Excel Maritime will file their petition in bankruptcy under Chapter 11. The company is managed by the Greek shipowner Gabriel Panayotides, previously the main shareholder of Torm.

On Tuesday, the share was suspended from the New York Stock Exchange in anticipation of a delisting following the publication of the 2012 accounts which show losses of 1.5 billion USD. The vast majority of the losses is the result of write-offs on the company’s fleet which counts 38 ships in total.

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