Deiulemar Shipping Prefers Liquidation to Bankruptcy

Italian dry freight group Deiulemar Shipping  is trying to avoid formal bankruptcy proceedings.

Italian dry freight group Deiulemar Shipping Company SpA (Deiulemar Shipping) is seeking liquidation to avoid formal bankruptcy proceedings after Italian prosecutors seized assets totaling 323 million Euros ($399.5 million) which included 10 of its vessels, according to a Reuters report accessed by 'Ship & Bunker'.

In the report Deiulemar Shipping's lawyer Astolfo Di Amato said the company had filed a debt restructuring proposal on Tuesday to liquidate the company and sell all its assets to partially satisfy its creditors.

"It's an attempt to save the company from bankruptcy," said Di Amato.