Before declaring bankruptcy, the company presented its third rescue plan. However, it was dismissed by its main creditor, Pillarstone. Pillarstone had became Armantori's main share holder, after buying the company debt, last year.

After that, the two parties negotiated in order to reach a deal for the establishment of a rescue plan. Such a thing did not happen and as a result, there weren't the necessary requirements for the company to be saved.

Consequently, the court declared RBD Armantori bankrupt. According to sources, the company had a debt of over 1 billion euros.

Armantori owned 13 vessels and a liquidator will be appointed to sell its assets.

Before Armantori, Deiulemar and Navemar had been declared bankrupt.