ZAGREB (Croatia), January 10 (SeeNews) – Croatian shipping company Alpha Adriatic [ZSE:ULPL]former Uljanik Plovidba, announced on Friday that it had delivered its tanker Pomer to the Norwegian buyer Pomer AS, which is part of the Champion Tankers group, as part of a debt settlement procedure.
The delivery took place at the Malaysian port of Tanjung Pelepas, Alpha Adriatic said in a filing at the Zagreb Stock Exchange (ZSE).
The delivery took place after the shipping company reached an agreement on December 31 with a syndicate of international lenders to sell the tanker Pomer, which also meant the release of all mutual obligations between the two parties.
Under the agreement, all of Alpha Adriatic’s obligations to the syndicate of international lenders cease to exist, reducing its loan exposure by more than $24.5 million (€22.1 million).
In October, a Croatian court opened pre-bankruptcy proceedings against Uljanik Plovidba at the company’s request to protect its employees, creditors and shareholders, after a syndicate of international lenders led by Credit Suisse s withdrew from its debt restructuring talks with Uljanik Plovidba and seized the oil company Pomer as collateral for an unpaid debt of the company.
The vessel was seized despite there being an indicative term sheet signed with a new international lender to refinance the syndicate’s existing loans, Uljanik Plovidba said at the time. The company changed its name to Alpha Adriatic later in October.
The tanker remains under the management of Alpha Adriatic, guaranteeing the employment of the company’s workers.
($ = 0.901236 euros)
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