Nordic Shipholding has been granted two more months to sell its remaining tankers and wind the company up.
The Danish shipowner said it has secured an agreement with its lenders for an extension of the group's loan facility until 31 March.
In December 2020, the company extended $90.2m of debt maturity to the end of 2021.
Nordic's major shareholder — Nordic Maritime — also agreed at that time to extend a bank guarantee worth $3.85m until early 2022.
The owner's last three product tankers have been committed for sale and are expected to be delivered to their new owners between 1 February and 31 March, Nordic said on Friday.
An annual report covering 2021 will be released on 23 March.
The OMX Baltic-listed owner had previously said it had deals in place to offload the two MRs and an LR1 for $37.1m combined.
The price exceeds the current aggregate carrying value for the three vessels, so Nordic will reverse an impairment of $2.6m logged in the fourth quarter of 2021.
TradeWinds reported at the end of December that a sale had been agreed for the two MRs, the 37,800-dwt Nordic Agnetha and Nordic Amy (both built 2009), to German interests.
Brokers are now linking these vessels to German-controlled, Cyprus-based Schoeller Holdings at $12m each.
The buyer for the LR1, the 73,800-dwt Nordic Anne (built 2009), is still unknown, but is thought to be German. The vessel has gone for $13m.
The pre-tax loss for last year is expected to be reduced to between $7m and $5m, down from an earlier forecast of between $9.5m and $7.5m.
The company put the vessels up for sale in August after admitting its search for a merger partner had failed.
Nordic has been piling up losses amid poor tanker markets.
When announcing third-quarter results in November, it said the board was "in discussions with the group's various stakeholders to ensure the proper winding down ... in a responsible manner”.
Chairman Knud Pontoppidan quit in October and was succeeded by International Chamber of Shipping chairman Esben Poulsson, who had been an independent Nordic director.
All three Nordic ships are trading in Hafnia-managed pools.
