BusinessBusiness RecoveryFreight group strikes restructuring deal

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.

Link: Cenargo finds route out of administration

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.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

3d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

3d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor