Flinter Shipping Group Bankrupt

Flinter Shipping Group Bankrupt

Arnold van Steenderen
26 November 2016

On 19 October 2016 the Rotterdam District Court has granted suspension of payments to cash strapped Flinter. Flinter has revealed that it is in major financial trouble after its main lender ING Bank N.V.  pulled funding for the company days before the suspension of payments was granted. ING Bank finances 9 vessels of Flinter's fleet. Flinter has been in business since 1989 and is one of the top ten maritime shipping companies in the Netherlands, managing a fleet of about 35 mostly-multi-purpose vessels ranging in sizes up to 11,000 dwt. In a statement the company said it has been dealing with the downturn in shipping for 9 years now and the prospects are still not positive, but still ING’s decision caught the company by surprise. The court appointed Aministrators Kees van den Bergh and Arnold van Steenderen have meanwhile advised the Court in almost all cases to convert the suspension of payments into full fledged bankruptcy proceedings. Trade creditors may file their claims supported by documentation with Mr C. van den Bergh, Van den Herik & Verhulst N.V., PO Box 50535, 3007 JA Rotterdam, the Netherlands ( vdbergh@herikverhulst.nl).