Is it the End for Bender Shipbuilding?

Wednesday, July 01, 2009

Bender Shipbuilding & Repair Co. agreed to seek protection from its creditors, filing a Chapter 11 bankruptcy petition to reorganize.

The company announced in a prepared statement that it intended to cut its workforce to about 300 to keep operations, including a ship repair job, running. “I regret very much the impact this decision has on our employees and vendors, and the community,” said Tom Bender, President and CEO, pledging to “devote every waking minute” to getting the company through the process and back to business as usual as quickly as possible.

Monday, according to a blog on AL.com (http://blog.al.com) a U.S. U.S. Bankruptcy Judge reportedly ruled that Seacor Marine was due to collect a $5 million guarantee from Bender, because Bender had been facing the prospect of involuntary bankruptcy for more than 10 days.

Earlier this year, a group of creditors, led by GulfMark Offshore, filed an involuntary petition to force the shipyard into bankruptcy, claiming that Bender owes them more than $44.6 million, primarily stemming from a contract for three offshore supply vessels that Bender was unable to deliver.

 

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

People & Company News

Hapag-Lloyd Adds 6,000 Reefer Containers

In order to profit from the growing reefer markets in South America and Asia, Hapag-Lloyd has ordered 6,000 cutting-edge reefer containers – more than ever before in the company’s history.

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

Neander Deal Sees Yanmar Return to Diesel Outboards

Marking its return to the diesel outboard market, engineering company Yanmar Marine International (YMI) has reached an agreement for exclusive distribution rights

Shipbuilding

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

Austal Delivers Final Cape Class Patrol Boat

Cape York, the last of eight new Cape Class Patrol Boats for Australian Border Force (formerly Australian Customs and Border Protection) has been delivered by shipbuilder

HMS Prince of Wales’ Final Carrier Block Delivered

The final sections of the second Queen Elizabeth Class aircraft carrier produced by Cammell Laird arrived at Babcock Rosyth Facilities in Fife on Thursday, September 3,

Finance

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.4413 sec (2 req/sec)