Avoiding Receivership

With still too many ships chasing too little cargo London and Overseas Freighters PLC’s fortunes slipped even further in 1985 with bankruptcy becoming a real possibility. To stave off its creditors the Company sold all three of its 138,680 dwt tankers, also all non-shipping assets were disposed of this left just two ships in the Fleet, London Victory and London Spirit, this prompt action by the Board allowed the Company to avoid receivership. Again many ships staff and shore side personnel had to be made redundant, a knock on effect was that in the light of its diminishing assets four Board Members also felt that they had to resign, Bluey Mavroleon, Charles Lyons, Eddie Kulukundis and Ronald Llian all left the Board on the 11th December 1985.