The government of Ukraine decided to sell the assets of once the largest shipping companies in Europe, that is, Black Sea Shipping Company. As of September 30, the total assets of the company amounted to UAH 180mln, while current assets were at UAH 83mln, the privatization bulletin informs. During Soviet times, the company had a fleet of some 400 ships. The majority of which were transferred into ownership for the benefits of offshore companies or sold at auctions to cover the company's debts after the USSR collapse.
Odessa business court started a buncruptcy procedure back in 2003. The reorganization was made in 2006 upon the creditors' decision. Later in 2011, domestic shipping major Ukrrichflot made an announcement that the assets of Black Sea Shipping Company will not have had to be used for paying debts of the company.
