A series of Japanese shipowners are seeking to reverse the sale of Western Bulk Chartering to Christen Sveaas' Kistefos.

The group argue that the deal was underpriced and has left the remaining shipholding company, Bulk Invest, in a worse financial position than before the sale.

A statement issued on behalf of six Japanese shipowners slammed the transaction as “an illegal payment of dividend” and “unfair treatment of Western Bulk's creditors.”

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