Banks take control of Bourbon
A group of banks will take control of Bourbon’s assets effective January 2nd, 2020. With that decision from the Marseilles Commercial Court, Bourbon’s six-month-long reorganization process has come to an end.
Bourbon had received at least four takeover bids following the suspension of its listing in July this year. By a judgment dated December 23, 2019, the Marseilles Commercial Court has now decided to dispose Bourbon’s assets to Société Phocéenne de Participations (SPP), which is formed by the following banks: BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile de France, CM-CIC Investissement SCR, Crédit Lyonnais and Natixis and Société Générale.
As the world’s largest OSV-operator, Bourbon has been in severe financial distress since the crude price collapse. This summer, the French company was dealt a final blow when creditors demanded repayment of EUR 800 million in outstanding debt, prompting Bourbon to suspend its listing and start a court-lead restructuring process.
Fuel prices take a massive nosedive
Fuel prices have taken a massive nosedive since the beginning of the year with low sulphur fuel prices in Singapore dropping from USD 734 per tonne on January 1st to USD 415 per tonne today. The price drop comes at a good time as the transport and logistics industry is struggling with low demand as… Read more ›
Zeamarine closes offices in Denmark
Zeamarine is closing its operations in Denmark. The Danish subsidiary has filed for bankruptcy resulting in the closure of two offices and 23 employees being sent home, confirms local liquidator Hafnia Law. The German breakbulk carrier has two offices in Denmark, one in Naevsted and one in Aarhus, but both offices have now been closed… Read more ›
Manager loses contact with general cargo vessel after pirate attack
Chinese vessel manager Tianjin Xinhai International Ship Management has lost contact with its general cargo vessel Huanghai Glory after the vessel sent a piracy alert using its Ship Security Alert System (SSAS). An unknown number of pirates are believed to have boarded the vessel, which is currently drifting off the coast of Nigeria. The vessel’s… Read more ›