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Torm's former owner files for bankruptcy

Dry bulk shipping company Excel Maritime has now filed for bankruptcy protection under Chapter 11 on the New York Stock Exchange. This happens four weeks after the company admitted that it was ready to enter bankruptcy proceedings.

Photo: LARS KRABBE

It's not easy to operate a shipping company carrying a debt of more than USD 1 billion. Something Greek dry bulk shipping company Excel Maritime, which is controlled by former Torm owner Gabriel Panayotides, has been forced to admit, as the company has now applied for bankruptcy protection under Chapter 11 at the New York Stock Exchange.

“Today, with the strong support of our senior lenders, we are moving forward with a financial restructuring. We are confident that we are taking the right actions and we believe that the agreement that we signed today with our senior lenders and the court-supervised process provide for a clear and expedited path to strengthen our financial profile and position Excel Maritime for future growth and success," writes Panayotides in a statement according to Tradewinds.

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