Oaktree’s Beluga Group companies file for insolvency

Viktor Lundvall
23 March 2011

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Oaktree Capital Management’s portfolio company Beluga Group has filed a number of its subsidiaries for insolvency, according to reports.

The companies that have filed for insolvency are Beluga Fleet Management Beteiligungs GmbH, Beluga Fleet Management GmbH & Co KG, Beluga Marine Service GmbH & Co KG, Beluga Offshore Crewing GmbH and Beluga Sea Academy GmbH. The latest developments follow reports of Beluga Shipping GmbH and Beluga Chartering GmbH filing for insolvency last week.

It is believed that Beluga Group and other subsidiaries remain outside insolvency. Reports suggest that the insolvency filings were made after the discovery of material irregularities relating to revenues and liquidity.

In November 2010 Oaktree committed €200m to support the German operator of heavy-lift vessels Beluga Shipping. The principal aim behind the operation was to consolidate Beluga's position as the global market leader in the heavy-lift shipping segment.