Details have emerged of a last-ditch attempt to recapitalise the former Western Bulk Shipholding (WBS) and save Norway’s good relations with major Japanese trading houses, following a controversial insider transaction that left creditors in a litigious mood.
The failed effort to keep the fleet alive, as a Norwegian-Japanese concern listed in Oslo, was led by former Bulk Invest chief executive Jens Ismar with the help of veteran Norwegian shipowner Axel Eitzen.
