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.

 


People & Company News

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

MobileOps Pursuing Maritime Business

Redmond, Wash. based MobileOps, Inc., a software company specializing in the design and development of maritime software applications (dispatch, safety, compliance,

Shipbuilding

NASSCO Christens LNG-ready Tanker Constitution

On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly

California: A Strong Shipbuilding State

Fifth in the nation for direct employment, California shipbuilding and repair industry supports nearly 35,000 jobs; Maritime Administrator highlights economic importance

Intermarine's Industrial Skipper Completes Maiden Voyage

Intermarine, LLC announced the July delivery of the M/V Industrial Skipper from Shandong Huanghai shipyard in Rongcheng, China. The ship transported modules to Corpus Christi,

Finance

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

India Shipping Ministry Enlarges Scope of Sagarmala

India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments

Industry Wants Hanjin Shipping to Merge with Hyundai Merchant Marine

The Korea Shipowners’ Association (KSA) has officially suggested Hanjin Shipping merge with Hyundai Merchant Marine (HMM) to prevent  court receivership and liquidation, reports Business Korea.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics 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: 0.1106 sec (9 req/sec)