Shareholders opposed to a billion-dollar refinancing of the debt-ridden Vroon Group took a “wholly unrealistic position” as they pushed for an alternative plan to sell the company’s vessels, an English judge has ruled.
Dutch and English courts ruled in May against the shareholders, controlled by former chief executive and fourth-generation owner ‘Coco’ Vroon, after they tried to block a takeover by banks of the private Dutch shipowner when it became unable to service its debt.
