BUSINESS

Callimanopulos firm files for bankruptcy

TAGS: Shipping

Shipping company Toisa Ltd has filed for US Chapter 11 bankruptcy as falling demand for the Bermuda-chartered company’s oil-and-gas supply vessels left it running short of cash, according to court documents.

Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oil service vessels, 13 tankers and seven bulk ships, according to documents filed with the US Bankruptcy Court in Manhattan.

The ship operator said it had more than $1 billion in debt in court documents.

[Reuters]

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