Greenship Bulk says it is looking to undergo a debt restructuring exercise and has entered into discussions with its lenders.
The Jacques de Chateauvieux-backed bulker owner said the contemplated solution would include a capital increase, but it gave no further details.
Greenship Bulk, which trades over-the-counter (OTC) in Oslo, blamed the situation on the current difficult market conditions.
“Until a mutually acceptable solution can be reached, the company started to retain principal repayments in February 2016 and is currently in situation of default,” it said.
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