And Now For the Bad News

Also on Monday, Svithoid Tankers, a Sweden based operator of smaller, modern product and chemical tankers, announced that the company will apply for insolvent liquidation after being unable to come to terms with several of its creditors, bond holders, convertible holders and shareholders to resolve its immediate liquidity shortage. According to Nordea’s Credit Research, total debt amounted SEK 876 million as of the 2nd quarter 2008, consisting SEK 641 million of bank debt, priority claim, and SEK 235 million of bond debt. As of the same period, the book value of the fleet was SEK 1.042 million, although management claims its market value amounted to SEK 1.142 million. The fleet consists of 11 tankers of which four are wholly owned with the remainder partly owned or bareboat chartered. In addition

This is only an excerpt of And Now For the Bad News

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.