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.
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)
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
Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of its loans have voted in favor of a proposed reorganization plan. Getting creditor support for a "prepackaged" plan before filing for Chapter 11 can dramatically cut the time a company
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.
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 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.
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
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
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
The Long Beach Board of Harbor Commissioners recently filled key Harbor Department executive posts with staff veterans as the Department continues to undergo a reorganization initiated by Chief Executive Jon Slangerup. Dr. Noel Hacegaba
MacGregor, part of Cargotec, announces changes in its operative structure and starts a reorganization into seven operative divisions which will become effective on January 1, 2015. The six new operative divisions together with Global Lifecycle Support as the seventh one will enable MacGregor to
The Long Beach Board of Harbor Commissioners recently filled key Harbor Department executive posts with staff veterans as the Department continues to undergo a reorganization initiated by Chief Executive Jon Slangerup. Dr. Noel Hacegaba, who has been serving as the Acting Deputy Executive
Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%. Odfjell's shareholding in the tank terminals business delivered an EBITDA of negative $10 million in
Six affiliated companies of STX Dalian Shipbuilding, China's largest wholly foreign-funded shipbuilding company, are to start bankruptcy reorganization procedures, reports Xinhua, citing a court statement in Dalian City in northeast China's Liaoning Province.
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
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
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.
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
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.
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.
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
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.
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
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