I.M. Skaugen files for bankruptcy, trustee posts claims for holders

By Susanna Moon

Chicago, Oct. 9 – IMSK SE, formerly I.M. Skaugen SE, began bankruptcy proceedings on Oct. 4.

Nordic Trustee AS will file a claim on behalf of the bondholders in the bankruptcy estate of the company and “will revert in due course with further information in respect of the outlook for dividend from the bankruptcy case,” according to a notice by the trustee.

The company’s chief financial officer Bente Karin Flo filed an affidavit with a court in Singapore giving details of why its restructuring is “no longer feasible,” as announced Sept. 24.

In summary, Flo stated, “As such, our efforts in revitalizing the business of the IMSK group and to generate consistent revenue to repay the creditors of the applicants are stalled. Given the present deadlock with the Nordea syndicate, it is difficult to see how the IMSK group would be able to progress with any of the SSLNG projects.”

Nordic Trustee AS said on Sept. 24 that I.M. Skaugen SE and its SMIPL Pte. Ltd. and IMSPL Pte. Ltd. wholly owned subsidiaries were unlikely to go ahead with their planned restructuring.

The companies’ board of directors “are now considering the available options,” according to the notice.

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

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