Western Bulk and Japanese shipowners dispute

Norwegian and Japanese anchor investors would have put cash into Bulk Invest, as the remaining part of Western Bulk Shipholding (WBS) was known after the sale of its profitable Western Bulk Chartering (WBC) arm and the Western Bulk trademark to Kistefos Equity. Japanese creditors, taken by surprise and deeply aggrieved by the Western Bulk chartering (WBC) sale for $47m but was really worth around $100m. Marubeni Trading, Mitsui and Mitsubishi are said to have been willing to listen to the proposal, Itochu Shipping less so, and Sojiitz Shipping (Sojitsu) adamantly opposed it throughout. Several of the creditors have al eady retained lawyers in Oslo for legal attack on Bulk Invest and Kistefos Equity Operations over what it regards as the unfair and untransparent sale of Western Bulk Chartering (WBC).

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