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.

BY KATRINE GRØNVALD RAUN

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.

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