Russian tanker owner Primorsk International Shipping has sought Chapter 11 protection in New York while it pushes through a restructuring deal.
Alexander Kirilichev-backed Primorsk filed papers in the Southern District of New York and will now look to complete a debt for equity swap with bondholders. The filing covers Primorsk and nine shipowning subsidiaries.
Primorsk struggled in the wake of the financial crisis and undertook some diversification moves that failed to yield sufficient returns, leading to restructuring efforts and asset sales since 2010.
Its
