The incumbent management of Greek tanker company Eletson Holdings and their lawyers have lost another round in US court proceedings last month.
A New York bankruptcy judge is pressing them to hand over the company to creditors associated with Toronto-based hedge fund Murchinson, as previously ordered last October in the Chapter 11 reorganisation ruling.
US bankruptcy judge John Mastando has given the legacy insiders one week to cooperate with creditors once the court order is issued.