22nd Apr 2016 08:02
LONDON (Alliance News) - Shipping company Goldenport Holdings Inc on Friday said it has reached an agreement with its lenders and will de-list from London in due course.
Goldenport has been in talks with lenders in recent months after it disclosed in March the debt outstanding under its loan facilities was higher than the valuations of its vessels.
The company had obtained approval from shareholders to sell its eight vessels for a nominal consideration to entities controlled by the Dragnis family, but on Friday said it has now agreed with its lenders to sell six of the vessels to the Dragnis family, with the other two to be sold on the open market to cover the loan facilities.
In addition, Goldenport said it will de-list its shares from the London Stock Exchange in a bid to cut administrative costs and focus on the disposal of its assets.
Its shares will be cancelled at the end of play on May 23.
Shares in the company were down 84% to 0.825 pence on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
GPRT.L