U.S. Shipping Partners Exits Chapter 11

Sunday, November 15, 2009

U.S. Shipping Corp, formerly known as U.S. Shipping Partners L.P., announced it has emerged from Chapter 11 bankruptcy protection pursuant to the Third Plan of Reorganization approved by the U.S. Bankruptcy Court for the Southern District of New York on October 1, 2009.

"We are very pleased to be out of Chapter 11," said Joseph Gehegan, President and Chief Executive Officer. "We accomplished the goals we set out at the beginning of this process: maintain business as usual through the reorganization, reduce our debt and emerge in an expedited manner with a sustainable capital structure."

Under the plan as implemented, $100m of second lien debt was extinguished in exchange for 45% of the equity of U.S. Shipping Corp and the principal amount of the first lien debt was reduced to $300m at an improved rate of interest. The holders of the first lien debt received 45% of the equity of the company, and 10% of the equity has been set aside for management. The existing and outstanding common units, subordinated units and general partnership interests of the U.S. Shipping Partners L.P. were cancelled and receive no recovery.

As announced previously, in conjunction with its emergence from Chapter 11, U.S. Shipping Corp appointed Joseph Gehegan as President and Chief Executive Officer, Al Bergeron as Vice President -- Chief Financial Officer and Jeffrey Miller as Vice President -- Chartering. Pursuant to the Plan, a new Board of Directors was appointed.

(www.usslp.com)

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Matson Q1 Results Show Improved Performance

Matson, Inc. today reported net income of $25 million, or $0.57 per diluted share for the quarter ended March 31, 2015. Net income for the quarter ended March 31, 2014 was $3.

AAPA Supports 'Move America Act'

'Move America Act of 2015' would help fund landside improvements to U.S. ports -APPA   The American Association of Port Authorities (AAPA)—the unified and recognized

LNG Tanker Due in UK Around May 6

Britain's Isle of Grain liquefied natural gas (LNG) import terminal is set to receive the GDF Suez Point Fortin tanker on around May 6, live ship-tracking data on Reuters Eikon shows.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1334 sec (7 req/sec)