September 21st, 2016 
Holly Birkett Europe, Finance and Insurance, Tankers 0 comments
A bankruptcy court in New York has approved Primorsk International Shippings (Prisco) liquidation plan, reports say.
Prisco filed a voluntary petition in January for reorganisation under Chapter 11 in the US Bankruptcy Court for the Southern District of New York, saddled with $262.2m in debt.
It won court permission in late June to auction its nine remaining ice-class oil tankers to SCF Tankers, part of Russias Sovcomflot, for $215m.
Under Priscos Chapter 11 plan, around $194m in top-ranking debt will be paid in full, and a second-tier group of lenders owed more than $50…
Read the full article at: http://splash247.com/court-approves-prisco-liquidation/