Deiulemar case rolls on after bondholders reject out-of-court settlement

Bondholders of defunct dry bulk operator Deiulemar rejected out-of-court settlement with the Bank of Valletta (BOV).

The Maltese bank offered a €50m ($59m) settlement to Italian bondholders, in return for dropping a €363m claim against the bank, MaltaToday reports.

But the "confidential" offer was deemed “insufficient and inadmissible” by the creditors’ committee.

The development comes more than eight years after Deiulemar was declared bankrupt in 2012 owing more than €800m ($955m) to Italian bondholders.