Primorsk International Shipping, which operates ice-class tankers, has filed for Chapter 11 chapter safety with the U.S. Bankruptcy Court in New York.

The submitting comes after the corporate was unable to settle with collectors for loans it took 10 years in the past to develop its tanker fleet.

Primorsk was making an attempt to enter right into a debt-for-equity swap take care of some Norwegian bondholders, who’re looking for $262.2 million in loans, the Wall Street Journal reported.

Primorsk is owned by Apington Investments. The firm’s Singapore and Nakhodka subsidiaries aren’t occasion to the submitting, and didn’t file for chapter.

Primorsk International operates a fleet of 9 ice-classed oil tankers working in Russian, Canada, U.S. and European waters for charterers that embody BP, Chevron, Lukoil and different oil corporations, in accordance with The Wall Street Journal. 

Writing by Nadeem (c) gCaptain