The Dragnis family did all it could to save Goldenport Holdings Inc, the listed arm of its shipping group. Some 20 vessels have been sold over the past four years to raise funds and help pay down about $150m in debt, while management slashed costs and reduced the size of the board.
A share capital increase to which the founding family would contribute at least $25m was considered, then dropped after potential investors priced the offering at a significant discount to the fleet’s value.
In
