Investors seeking a play on distressed assets in the dry bulk sector are starting to explore the possibility of using special purpose acquisition companies (Spacs) as a funding source.
Talk of using so-called blank-cheque companies in a bulker play was circulating on the sidelines of last week’s Marine Money conference in New York.
This even as the usual background buzz of large sale-and-purchase (S&P) deals was missing from this year’s event owing to a lack of liquidity in lending and in conventional capital-markets activity.
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