A US bankruptcy judge has approved a framework under which lenders DNB and SEB will return most of the $3.37m they seized from Hermitage Offshore hours before its Chapter 11 filing, paving the way for the owner to continue operations.
However, Judge Martin Glenn has set tight conditions on the use of the $2.65m to be returned as the banks seek to protect collateral under the $133m loan they are owed by the Scorpio Group-backed vehicle.
