Insolvency proceedings have begun on five of its 2,800-teu boxships after attempts to raise extra capital — amid hopes of a market recovery — were abandoned.
Bankruptcy proceedings have begun on the KG (limited partnership) companies owning the 2,824-teu Cimbria (built 2002), and Carinthia, Cordeli, Cardonia and Carpathia (all built 2003).
The move paves the way for the sale of the containerships from the stable of Ahrenkiel’s parent company, MPC Capital, which recently sold three panamax boxships to Chinese buyers.
