Western Bulk has announced that it faces a lawsuit from creditors seeking reversal of the recent sale of its subsidiary Western Bulk Chartering to Bulk Invest's majority shareholder. The firm raised $16 million in cash from the recent sale, but it is spending about $4 to $5 million per month on overhead. A dissolution of the company at current market values for its assets would most likely leave creditors with a loss– especially given the bankruptcy liabilities in its charter-in contracts, which it estimates in the range of $250 million.
