A US bankruptcy court has approved Primorsk International Shipping's liquidation plan.

The scheme, approved by creditors, will divide up the cash from selling its fleet to Russia's Sovcomflot.

During a hearing in New York on Tuesday, Judge Martin Glenn said: “Even with the hiccups, I think you got to a good result," the Wall Street Journal reported.

The Cyprus-registered company filed for Chapter 11 protection in January.

Following