Millenium signed a surprise settlement with majority investor Wayland Investment this week that will see 17 vessels, mainly handysize bulkers, immediately auctioned off. The company will be left with just one vessel, the 6,500-gt vehicle carrier Millenium Jaguar (built 1980).
Wayland, which is owned by Cargill, is expected to buy the ships.
It is the first time a chapter XI bond owner has chosen to throw in the towel and hand over the keys to its fleet rather than fight for a restructuring.
