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Reorganization Plan

FGH Submits Reorganization Plan

Friede Goldman Halter, Inc. that it has submitted its plan for reorganization to the United States Bankruptcy Court. Friede Goldman Halter has worked closely with its unsecured creditors to develop this plan. The plan calls for the reorganization of Friede Goldman Offshore and Halter Marine and anticipates that the previously announced sale of AmClyde and Friede & Goldman, Ltd. (a naval-architecture and marine-engineering firm specializing in offshore rig design) will be finalized. As Friede Goldman Halter emerges from Chapter 11 the resulting independent business units, and their management, are looking forward to increased interest from their loyal customer base. The companies’ management is encouraged about the reorganized and recapitalized companies and expects the companies to increase their market share. The approved plan anticipates the unsecured creditors will receive a majority of the ownership of the reorganized Friede Goldman Offshore and the reorganized Halter Marine. The plan provides no recovery for the current equity security holders of the company.


Bill Introduced to Provide for NOAA

Representative Ehlers (R-MI) introduced the National Oceanic and Atmospheric Administration Act (H.R. 5450) to provide for the National Oceanic and Atmospheric Administration, and for other purposes. If enacted, the bill would, among other things, require the Administrator to develop a proposed reorganization plan and publish it in the Federal Register to obtain public comment. Source: HK Law


Hvide Marine Creditors And Shareholders To Vote On Plan

Hvide Marine Inc. announced approval by the United States Bankruptcy Court for the District of Delaware of the Disclosure Statement regarding the company's proposed Plan of Reorganization. The Plan, which was filed on Oct. 1 and amended on Nov. 1, has the support of the Official Committee of Unsecured Creditors in Hvide's Chapter 11 case, including representatives of the holders of approximately 63% of Hvide Marine's $300 million of 8 3/8 percent Senior Notes and nearly 50 percent of its


Frontline Reaches Agreement With Golden Ocean Creditors

Frontline has reportedly secured backing from major creditors of U.S. tanker group Golden Ocean for a takeover plan. Frontline has reached an agreement with creditors holding $101.1 million of Golden Ocean's 10 percent senior notes due 2001, it said in a statement to the Oslo bourse. The entire issue of Golden Ocean Bonds totaled $291 million. Accordingly, with this agreement, Frontline has the support of more than $210 million of the Golden Ocean Bonds.


This Day in Coast Guard History – July 16

1946- Pursuant to Executive Order 9083 and Reorganization Plan No. 3 the Bureau of Marine Inspection was abolished and became a permanent part of the Coast Guard. (Source: USCG Historian’s Office)


US Boatbuilders File Voluntary Bankruptcy Petition

Luhrs Marine Group announces the commencement of proceedings under Chapter 11 of the Bankruptcy Code Morgan Industries Corporation, the parent company of Hunter Marine Corporation and the Luhrs Marine Group family of boat manufacturing businesses, announce that it and its U.S. subsidiaries (the "Company") filed voluntary petitions for chapter 11 business reorganization in the United States Bankruptcy Court for the District of New Jersey.


Coast Guard, AWO Members Meet in Branson

Security plans for inland river areas and a possible reorganization for the Coast Guard Eighth District were the focus of a day-long meeting between the Coast Guard and AWO members in Branson, Missouri on October Eighth District Commander RADM Roy Casto held the meeting in conjunction with the District's annual Commanding Officers conference. At the meeting, Admiral Casto and his staff outlined Coast Guard proposals to reorganize the Eighth District


FGH Signs Master Shipyard Agreement With Noble Drilling

Friede Goldman Offshore, Inc., the rig segment of Friede Goldman Halter, Inc. and Noble Drilling (U.S.), Inc. have signed a Master Shipyard Agreement, which will cover all repairs, modifications, refurbishment and construction services provided to the Noble Companies by Friede Goldman Offshore. The Agreement, which is subject to the approval of the bankruptcy court, defines the contractual relationship between the companies and delineates their respective responsibilities for performing repairs


RINA Reorganizes

Genoa-based classification society RINA has rationalized its organizational structure in order to improve efficiency. In future all RINA-branded operations will be carried out through a new company, RINA Services Sp A. The holding company RINA Sp A will provide staff services and strategic direction and control all non-RINA-branded services. The reorganization follows the approval by the board of directors of the holding company, RINA Sp A., of the 2009-2011 Strategic Plan


Excel Reduces Debt by $600 Million

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers, today announced that the United States Bankruptcy Court for the Southern District of New York confirmed the Amended Joint Chapter 11 Plan of Reorganization, which has the support of the company's senior secured lenders and unsecured creditors.  The plan was unanimously accepted by Excel's two voting classes, with 100% of the class of secured lenders and approximately 92% of the class of impaired Excel general


Interview: Dr. Herbert Aly

Shipyard boss Dr. Herbert Aly in Front of the German Navy sail training ship Gorch Fock where he was a crew member during his naval service.

Shipyard boss Dr. Herbert Aly discusses Blohm+Voss’ radical reorganization as well as the strategies to secure new orders.   When I started my nautical career at Blohm+Voss at the beginning of the early 1960s, one could see on the southside of the river Elbe nine independent operating


CMA CGM Reorganizes South African Management

CMA CGM announced the reorganization of CMA CGM South Africa, the South African agent of the CMA CGM Group headquartered in Durban, with the departure of Arnaud Thibault, Regional Director and Managing Director of CMA CGM South Africa Pty.


Astrium Services Renamed Airbus Defence and Space

Astrium Services, the global innovative provider of satellite enabled solutions, has announced that it will operate with immediate effect under its new name Airbus Defence and Space, a division of Airbus Group. The change from Astrium Services to the new Airbus Defence and Space is part of a


Aquina Named CEO at Hertel

Victor Aquina

Hertel hereby announces that Victor Aquina, currently Managing Director of the Hertel Caspian region and the former CEO of Nacap, will be appointed as CEO of Hertel as of 1 April 2014. He will succeed Paul Broekhuijsen who will leave the company as of April 1


CMHI and CMA CGM Complete Terminal Link Transaction

China Merchants Holdings (International) Company Limited (CMHI) and CMA CGM are pleased to announce the completion on June 11, 2013 of the sale and purchase of the 49% equity stake in Terminal Link, upon the obtaining of all consents and approvals in various jurisdictions and the completion of


Excel Agreements Strengthen Financial Foundation

Excel Maritime Carriers Ltd., an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportation services for dry bulk cargoes, has announced that it has reached an agreement in principle with a steering committee of its senior lenders on the terms of a


Excel Maritime Files Chapter 11, Plans Financial Re-structuring

Excel Capesize Vessel: Photo courtesy of Excel Maritime

Excel Maritime Carriers, owners & operators of a large fleet of dry bulk carriers, become the latest casualty of the downturn in the shipping industry, but sets financial plans for recovery. The company says t has reached an agreement in principle with a steering committee of its senior


Dometic Appoints Aisa Pacific Regional Manager

Dennis Chiang

Supplier of marine air conditioning and sanitation equipment Dometic Marine has announced the promotion of Dennis Chiang to Asia Pacific Marine Divisional Manager. Singapore-based Chiang has been with Dometic Marine for just longer than two years as Regional Marine OE & AM Sales Manager for


New Operations Manager at SENER

Rafael Martínez-Abarca, new Operations Manager of SENERs Marine SBU

Rafael Martínez-Abarca was appointed Operations Manager of the Marine Strategic Business Unit (MaSBU) of SENER, an engineering and technology group that has a workforce of about 5,500 professionals and offices in four continents. Rafael Martínez-Abarca replaces in this position


Book Release: Sea Clutter, Second Edition

Sea Clutter web.jpg

The Institution of Engineering and technology published the second edition of “Sea Clutter: Scattering, the K Distribution and Radar Performance,” written by Keith Ward, Robert Tough and Simon Watts. The book gives an authoritative account of current understanding of radar sea clutter


CMA CGM America Reorganization

CMA CGM would like to announce the reorganization of CMA CGM America LLC, the U.S. agent of the CMA CGM Group, headquartered in Norfolk, Virginia, with the departure of Frank Baragona, Chairman of CMA CGM America LLC. After a successful career in the shipping industry and nine years as head of


Eni Reorganizes Gas and Power Segment

Following the reorganization of Eni’s Gas and Power activities, approved by the Company's Board of Directors, the Business Unit Optimization and Trading will be renamed Business Unit Midstream and a new Business Unit Downstream Gas and Power has been created.


MHI Consolidating and Reorganizing

Mitsubishi Heavy Industries, Ltd. has determined to shift to a new business structure by consolidating and reorganizing its current nine business segments into just four business domains: "Energy & Environment," "Commercial Aviation & Transportation Systems


Roger Holm to Lead New Wärtsilä Four-stroke Organization

Roder Holm

Roger Holm, M.Sc. (Econ.), has been appointed Senior Vice President, four-stroke, and member of the Ship Power management team as of 1 September 2013. In this position, he is responsible for Wärtsilä's four-stroke activities globally.


Excel Maritime Agree Chapter 11 Way Out Re-structuring

Image courtesy of Excel Maritime

Excel Maritime Carriers Ltd. say they have reached an agreement on the terms of a modified plan of reorganization with its senior secured lenders and the Official Committee of Unsecured Creditors, which was filed with United States Bankruptcy Court for the Southern District of New York.


 
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