MLS is selling the five vessels - Sri Prem Veena, Garima Prem, Gaurav Prem, Garv Prem and Aarti Prem – for $32.26m to related companies of its syndicate of lenders. The sale reduces the debt owed by the company to the lenders and the vessels are expected to be delivered in February.
“The purchasers are unrelated to the current and former directors and controlling shareholder of the company,” MLS said in a statement to the Singapore Exchange.
MLS was placed under judicial management on 18 January following an application to the Singapore courts by creditor HSH Nordbank.
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