New York-listed Paragon Shipping is in the advanced stages of preparing for a Chapter 11 bankruptcy filing, sources tell TradeWinds.

The embattled Greek bulker owner is believed to have secured board approval for such a course even as it continues to pursue other options to sort out its liquidity woes.

Michael Bodouroglou — Paragon’s founder, chairman, chief executive and chief financial officer — declined to comment this week when contacted by TradeWinds.

Bodouroglou says he was legally advised against talking, given a number of transactions Paragon has launched in the public markets and disclosed in filings with US securities regulators.