Freight group strikes restructuring deal
Creditors of the European freight ferry shipping group Cenargo have approved proposals for a company voluntary arrangement put together by its administrator Ernst & Young.
The CVA proposals, which received overwhelming support at the creditors meeting in Liverpool yesterday, will see a restructuring of the Cenargo group that will significantly reduce it debt levels and see the company trading under the name Norse Merchant.
Cenargo entered into Chapter 11 bankruptcy protection in the US back in January, with English administrators appointed a month later. The restructuring deal brokered by Michael Rollings, Shagun Dubey and Alan Bloom from Ernst & Young should save the group from liquidation.