Oil trader and shipowner Vitol is planning a refinancing of Latvian Shipping Company's debt.
The Riga-based product tanker operator said its major shareholder plans to increase the share capital by EUR 60m ($71.37m) to EUR 120m in a private issue.
The money will refinance shipping borrowings, it added.
The move comes after a mandatory offer for Latvian Shipping's remaining stock saw Vitol boost its shareholding to 90.79%
