I.M. Skaugen, two subsidiaries apply for reorganization, moratorium

By Caroline Salls

Pittsburgh, June 12 – I.M. Skaugen SE and wholly owned subsidiaries SMIPL Pte. Ltd. and IMSPL Pte. Ltd. filed applications to the High Court of the Republic of Singapore on May 31 for a moratorium to begin the reorganization of the debt and businesses of the scheme companies, according to a release from bond trustee Nordic Trustee AS.

The trustee said the application automatically imposes a 30-day moratorium on creditor claims. The court will decide whether to extend the moratorium on June 27.

I.M. Skaugen’s bondholders voted on April 19 to repay its bond issue through the issuance of two new bonds by Norgas Carriers AS.

According to the release, I.M. Skaugen’s bonds matured on June 4. All claims under the bond issue and bond agreement remain in full force and effect.

I.M. Skaugen is an Oslo-based marine transportation service company engaged in the transportation of petrochemical gases and chemicals.

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