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The End for Estline
09.01.2002
Scandinavian Shipping Gazette 03.01.2002
During its eight years of operation, Estline never posted a profit.
The creditors have agreed with the receivers proposal to drop the Estline bankruptcy proceedings. The final decision, however, has to be taken by the Court.
According to the Estonian news agency BNS, Estonian Shipping Company ESCO, the former owner of Estline, was the major creditor with EEK 161 million in claims. The state tax claims amounted to EEK 21.5 million. Stockholm-based B&N Hornet AB and OY Helsinki Repair Yard had claims of more than EEK one million.
Estline filed for bankruptcy in July, but already in February ESCO had sold all the shares to an offshore company.
The beginning of the end for Estline came a year ago when the liner operator closed down the service between Tallinn and Stockholm. For the ex employees of Estline, the agreement now reached is probably a good decision compared with drawn-out bankruptcy proceedings.
During its eight years of operation, Estline never posted a profit.
// Scandinavian Shipping Gazette
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