Bulk Invest has aborted restructuring efforts and filed for bankruptcy.
The Oslo-listed company revealed the move today just weeks after the former Western Bulk ASA separated its chartering and shipholding businesses.
Chief executive Jens Ismar told TradeWinds: "Hand on heart I can say we tried very hard to find a solution."
In a statement Bulk Invest explained intensive efforts had been made to restructure liabilities, with a number of alternatives discussed with financial advisors and creditors.
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