March 18 - Following the announcement that its chartering division had filed for insolvency, the Beluga Group has confirmed that its shipping division, Beluga Shipping, which also includes ship management and ship owning, has followed suit.
The administrator named for the chartering division, Bremen lawyer Edgar Groenda, has also been appointed for the ship management division.
Following the cancellation of many ship management contracts by KG funds and others, Beluga Shipping's fleet has shrunk to around 20 vessels under management although HLPFI understands that these are now owned by Oaktree Capital as the venture capital group appears to be ring fencing company assets.
The latest insolvency filing follows the discovery of material irregularities relating to revenues and liquidity, details of which have been notified to the relevant authorities.
HLPFI understands that Beluga and other subsidiary companies continue to operate outside insolvency and the company has confirmed that its key stakeholders are involved in ongoing and constructive dialogue designed to achieve a common solution for Beluga.