Karlsen does not want icebreaker abandoned – Business – TheChronicleHerald.ca.

Karlsen Shipping Co. Ltd. was placed in receivership in May after TD Bank called in a $4.6-million loan.

The Polar Star, a converted icebreaker used for adventure cruises to the Arctic and Antarctic, was seized after the bank action.

The vessel is in a Canary Islands shipyard where it had $1.6 million in repairs done after grounding in the Antarctic in January.

Karlsen didn’t question the $485,000 sale of his company’s Bayers Lake Business Park office, which was given provisional court approval pending amendment of a sales agreement clause related to deed registration.

But he objected to receiver PricewaterhouseCoopers Inc.’s conclusion in a Sept. 27 report that there was little prospect of significant return to creditors by actively pursuing the sale of the ship, which has $2.51 million in liens and charges against it.

The report said the ship, which was appraised at about $8 million, should be abandoned to the shipyard for sale through Spanish courts.

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