Germany’s Portfoliomanagement (PM) is selling 56 ships to a consortium led by US financiers Bank of America and Davidson Kempner Capital Management.
The deal was signed yesterday after a multi-stage selection process that attracted widespread interest.
It will be the last major transaction of the so-called “bad bank” and follows the tender issued last November for more than $1bn of debt backed by a high level of long-term charter contracts.
