Bruce Barnard | May 25, 2011 10:44AM EDT
U.S. private equity fund Oaktree Capital launched a new heavy-lift and project cargo carrier from the remains of Germany’s Beluga Shipping, which collapsed two months ago.
The new company, Hansa Heavy Lift, is taking over seven ships and 50 employees from Beluga, the bankrupt company’s insolvency administrator said.
The company will eventually operate 23 vessels compared with the 70 plus ships in the Beluga fleet.
Los Angeles-based Oaktree, the only investor willing to finance resumed operations, injected $20 million into the new company.
Beluga Chartering, Beluga’s core operating unit, filed for bankruptcy in mid-March after Oaktree called in police to investigate alleged financial irregularities by former management of the Bremen-based shipping line.
Oaktree invested around $280 million in loans and equity in Beluga in July 2010. It acquired a 49.5 percent stake in the company.
-- Contact Bruce Barnard at brucebarnard47@hotmail.com
