Troubled Mercator Lines to sell another vessel to reduce debt
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
DRY bulk shipping company Mercator Lines, which came under judicial management on Jan 18, has entered into a memorandum of agreement to sell another vessel, MV Kalpana Prem.
This follows news in January that it was selling five vessels for US$32.3 million.
The latest vessel is secured to the company's major shareholder, Mercator International (MIPL), and will be sold to a third party for U$2.9 million, thereby reducing the debt owed to MIPL.
The vessel is expected to be delivered to the buyer in April 2016.
Separately, its judicial manager also said that HSH Nordbank AG Singapore Branch has filed a winding up application in the High Court of Singapore against the company's subsidiary, Varsha Vidya Inc.
The application will be heard on April 15.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Mercator Lines' chairman and non-executive director, Harish Kumar Mittal, and three other non-executive directors have recently resigned from the firm. Trading in the shares has been suspended since Nov 12.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
