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.
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