Troubled TMT’s recent announcement that it is calling in restructuring experts has done little to appease its creditors, some of whom have already successfully called for the culling of an “Elephant”, with two “Whales” possibly coming in for a harpooning soon.
At the same time, details have emerged about a “Ladybug” getting stopped in its tracks in Belgium.
A court in the Chinese city of Ningbo has ordered TMT’s 276,000-dwt bulker F Elephant (built 1989) to be sold at auction on Monday.
