Harvard University’s endowment manager is taking a hit from the collapse of Global Maritime Investments Cyprus Ltd., a hedge-fund-turned-dry-bulk shipper that filed for bankruptcy protection earlier this week, the Wall Street Journal reported today. Harvard Management Co., which oversees Harvard’s $36 billion endowment, owns 48 percent of Global Maritime, which filed for chapter 11 protection on Tuesday. An affiliate of the endowment manager has agreed to lend $2 million to the company to safeguard Global Maritime’s ships around the globe from being seized by creditors. Bankruptcy Judge Shelley C. Chapman gave interim approval yesterday to Global Maritime to tap a portion of the bankruptcy loan to keep its oceangoing fleet on the high seas as it winds down its business.
