Interfax cited Mr Viktor Matveyev the company director as saying that the Solchart Company the owner of the dry cargo carrier Arctic Sea has declared itself bankrupt because of the poorly coordinated measures taken by investigators of Russian prosecutors' Investigative Committee.

Mr Matveyev said "Money needs to be found to continue using the vessel, to bring it back to proper working condition, to provide it with everything necessary as well as to pay back our creditors."

(Sourced from Interfax)