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Fletcher Shipping Stays Afloat

Written by Abdelmonem Achour on . Posted in Maritime news

Scottish oil field services firm Fletcher Shipping has managed to remain afloat in the last minute as it has struck a deal with a private investment fund.

Following a major downturn in the offshore oil and gas industry, the company was forced into administration as it was experiencing cash problems.

PricewaterhouseCoopers, which was appointed as the company’s administrator, together with the company’s lenders managed to strike a deal to sell the company’s assets under an accelerated process.

Namely, the company’s PwC administrators transferred Fletcher’s assets to a new company, FS Shipping, within a ‘pre-pack’ deal signed with investment firm Grovepoint Capital, writes the BBC.

Under the deal, Grovepoint provided GBP 18 million to finance the transaction.

The arrangement will allow the company to resume its operations, however shareholders and creditors would not be able to fully recover their lending.

The deal also ensures stability to self-managed crew serving on board the company’s vessels.

The company has four ships in its fleet, FS Pegasus, FS Aquarius, FS Pisces and FS Taurus and two more on order.

World Maritime News Staff


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Abdelmonem Achour

Abdelmonem Achour is a Tunisian maritime lawyer. He specialises in both commercial and the litigation aspects of shipping, admiralty, marine insurance, transport, logistics, international trade and marine environmental law, as well as maritime casualty response and subrogated recoveries. He heads up the practice’s Admiralty and Shipping department and is the Transport Headlight leader. He has advised a number of commodity traders and their insurers, underwriters and brokers in international trade and recovery matters. Having obtained his BA LLB at the University of Tunis, he was admitted as an Attorney around ten years ago, is the senior partner of the firm and heads up the practice’s Admiralty and Shipping department. He also obtained a post-graduate diploma in Corporate Law.

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