Cal­li­manop­u­los firm files for bank­ruptcy

Kathimerini English - - Focus -

WILM­ING­TON, DELAWARE (Reuters) – Ship­ping com­pany Toisa Ltd filed for US Chap­ter 11 bank­ruptcy as falling de­mand for the Ber­muda-char­tered com­pany’s oil-and-gas sup­ply ves­sels left it run­ning short of cash, ac­cord­ing to court doc­u­ments. Toisa, owned by Greek ship­ping mag­nate Gregory Cal­li­manop­u­los, has a global fleet of 26 off­shore oil ser­vice ves­sels, 13 tankers and seven bulk ships, ac­cord­ing to doc­u­ments filed with the US Bank­ruptcy Court in Man­hat­tan. The ship op­er­a­tor said it had more than $1 bil­lion in debt in court doc­u­ments. ter­na­tional Mon­e­tary Fund will par­tic­i­pate in the in­debted south­ern Euro­pean coun­try’s bailout pro­gram. Yields on short-dated bonds spiked 300 ba­sis points for their big­gest one-day jump since July 2015, while 10-year bond yields rose to their high­est in al­most three months. Ger­many said yesterday it be­lieved the IMF would par­tic­i­pate and that it was too early to start think­ing about other pos­si­ble sce­nar­ios. But con­cerns were height­ened af­ter a leaked re­port that the Fund ex­pects Greek debt to ex­plode to 275 per­cent of GDP by 2060, an­a­lysts said. “There’s a bit of dis­quiet re­gard­ing the IMF’s role...” said Or­lando Green, Euro­pean fixed in­come strate­gist at Credit Agri­cole: “The bot­tom line is that the IMF wants debt re­lief for Greece and the EU has taken baby steps to­wards this, but it is not what the IMF is look­ing for long-term. When there are di­vi­sions be­tween the EU and IMF, that arouses con­cerns about Greece.” The IMF said around two years

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