Primorsk International Shipping Ltd. won final bankruptcy-court approval of a liquidation plan that divvies up proceeds from the sale of its oil tanker fleet to Russias Sovcomflot.
Primorsks chapter 11 case got off to a rough start after a fight with lenders but, during a hearing in Manhattan Tuesday, a lawyer for Primorsk told Judge Martin Glenn that its debt-repayment plan had been unanimously approved by creditors in a polling process it began in late August.
Even with the hiccups, I think you got to a good result, Judge Glenn said Tuesday.
Primorsk undertook an ill-timed expansion of its fleet more than a decade ago, b…
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