Skaugen family company avoids bankruptcy with pension deal

Former shipowner Morits Skaugen has avoided bankruptcy of his private company, Eikland.

The family-owned outfit has reached an agreement that adjusts its pension obligations.

The annual report for 2019, which just has become publicly available, shows a NOK 10.4m ($1.04m) profit against a NOK 43m loss in 2018.

Skaugen told TradeWinds: “The company is riding through the storm with good support from its owner and sole creditor.”