Oslo bulker operator Western Bulk is eyeing three share issues to boost its capital.
The world's third-largest supramax company said investors will vote on a capital increase of NOK 120m ($13.2m). It will be carried out through a conversion of outstanding debt of $13.13m owed to main shareholder Christen Sveaas' Kistefos, which has 77.5% of the stock already.
The extraordinary general meeting will be held on 19 December.
Western Bulk will issue 9.6m of new shares at NOK 12.50 each.
To further strengthen the company's equity, the board is proposing another capital increase of NOK 13.71m through an issue directed at second-biggest shareholder Ojada.
Other shareholders also want the board to carry out a repair issue at the same price. This will come after its 2019 results are issued, it said.
Western Bulk is still coming to terms with a misjudged bet by its Chilean business late last year.
In January, the company revealed an ex-employee had approved contracts based on "unrealistic" assumptions, which caused the company to lose $17.5m between July 2018 and June 2019.
Western Bulk has since restructured its Chilean unit, fired the employee and put new internal control routines in place.
Further losses are expected from this unit, but to a smaller extent as loss-making contracts are concluded.
