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Reorganization Plan

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


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)


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.


Eagle Bulk Shipping Files for Bankruptcy

Photo courtesy of Eagle Bulk Shipping

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


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.


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.


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


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


Port of Seattle CEO Presents Organizational Changes

Photo: Port of Seattle

Port of Seattle CEO Ted J. Fick presented a blueprint for his vision for leading the organization, announcing a realignment that aims to grow operations and increase jobs throughout the region and state by promoting economic development and advancing the port’s Century Agenda.  


MHI Consolidates 5 In-house R&D Facilities

Mitsubishi Heavy Industries, Ltd. (MHI) will reorganize its research and development structure.   The reorganization initiative calls for the creation of a new Research & Development Center consolidating the five currently existing Research & Development Centers


Odfjell Announces Personnel Reductions

Photo courtesy of Odfjell

In an announced effort to improve its financial results through a more competitive cost structure, Odfjell SE began a review of all aspects of its business model in May 2014 targeting organizational changes to increase competitiveness in the chemical tanker market.  


Executive Appointments at Long Beach Port

Senior staff members Hacegaba, Gamette named to Port posts

  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 Reorganizes into 7 Operative Divisions

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


Port of Long Beach Announces Executive Appointments

Dr. Noel Hacegaba (left) and Sean Gamette, P.E.

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


Odfjell 2Q Results In Line with Expectations

Photo courtesy of Odfjell SE

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


China's STX Dalian Shipbuilding Affiliates in Bankruptcy

An STX Shipyard scene: Photo STX

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.


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


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


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.


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


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.


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.


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






 
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