Bourbon Corporation Holding Files for Bankruptcy

The offshore company Blue Bourbon Corporation announced on Thursday that it has filed for bankruptcy in the competent court in the city of Marseille, as a result of a lawsuit from the Chinese bank ICBC, despite Bourbon having committed to settle the outstanding debt by 2026. However, the Commercial Court of Marseille ruled in favor of ICBC and determined that the offshore company is insolvent, reports the digital maritime-executive.com.

According to French legislation, reorganization procedures will freeze existing liabilities during an observation period, which can last up to 18 months. The purpose of this procedure is to allow the debtor to present a continuity plan by reorganizing its debt, which can be rescheduled over a maximum period of ten years.

The reorganization procedure only concerns the holding of the firm, Bourbon Corporation, and will not affect Bourbon's operating companies, which will continue to function. Bourbon is confident that it can maintain its operations until the market recovers, after five years of recession.

Photo: Bourbon