According to Bower, the design manufacture solutions provider group was put into receivership because the board’s attempts to restructure it failed.
Ernst & Young partners Alan Bloom, Mike Rollings and Shagun Dubey, administrators for Cenargo, have finalised plans for the shipping company’s restructuring. The plan will see Cenargo re-emerge with a ‘reduced debt load’ trading under the name Norse Merchant. The main creditors, First Priority Ship Mortgage Notes, will convert their £110m debt into Norse Merchant Equity. The company went into administration on 7 February, and into Chapter 11 bankruptcy protection in New York, but the US proceedings remain suspended.