Claims "Pouring In" at Bankrupt Copenship

by Ship & Bunker News Team
Monday February 9, 2015

A trustee for Copenship, the Danish dry bulk carrier that last week filed for bankruptcy, has said "claims are pouring in" from creditors, Shippingwatch reports.

"New and fairly significant claims are reported non-stop," said Insolvency Administrator Per Astrup Madsen from Copenhagen-based law firm Lett.

Approximately half of the claims filed so far are said to be from bunker suppliers, with the rest coming from carriers and operators.

"We're not at this point seeing one or several names dominate the claims," said Madsen.

"We're not dealing with one main supplier but several."

But there is not likely to be much for distribution amongst ordinary trade creditors as Copenship's bankers hold a mortgage over key assets, he added.

It is also understood that the fleet of the ships operated by the company were under charter and will be returned to their owners.

"Claims from creditors look set to be huge, though there will likely be limited assets available for distribution among creditors," said Madsen.

There is still no total for the number or amount of claims expected.

The group is said to be hoping for a quick resolution to attempts to salvage its break bulk operator Copenship MPP, and its Singapore business Copenship Singapore.

"We can't live with the uncertainty that currently surrounds our companies, and that's why we need to clarify these matters by next week at the latest," said CEO Michael Fenger.

Commenting last week on the reasons for Copenship's collapse, Fenger said "we have found ourselves in an extremely bad dry cargo market."