Former shipowner Morits Skaugen has avoided bankruptcy of his private company, Eikland.
The family-owned outfit has reached an agreement that adjusts its pension obligations.
The annual report for 2019, which just has become publicly available, shows a NOK 10.4m ($1.04m) profit against a NOK 43m loss in 2018.
Skaugen told TradeWinds: “The company is riding through the storm with good support from its owner and sole creditor.”
After the collapse of the gas carrier company IM Skaugen, Eikland was left with some pieces of art, a flat, considerable negative equity and a loan from DNB of NOK 14.4m.
The flat is now sold and the debt deleted. Skaugen has also reached an agreement with retired staff on pensions.
Skaugen added: “This matter is incredibly uninteresting in any respect. The press regularly report on these incredibly small things in a world of great relevant events.”
Eikland had a controlling stake in IM Skaugen, which went bankrupt in 2018 and Eikland’s shares became worthless.
IM Skaugen was formed in 1916 by Skaugen’s grandfather, Isak, and listed on the Oslo Stock Exchange in 1990 through a merger between Laboremus and Kosmos.
In 1992 Skaugen took over the company that had grown substantially in the 1980s and early 1990s. At that time it had a diversified fleet of 72 ships worth NOK 3.5bn.
Later, IM Skaugen scaled back and concentrated on small gas carriers.
