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United States Bankruptcy Court News

06 Sep 2021

Seadrill Closer to Chapter 11 Emergence as Court Nod Granted

(Photo: Seadrill)

Offshore drilling company Seadrill has moved a step closer to reaching bankruptcy emergence after the United States Bankruptcy Court for the Southern District of Texas approved the disclosure statement for the company's proposed plan of reorganization.Seadrill said Friday that the court had authorized the company to distribute the disclosure statement and solicit votes from all lenders on the Plan. The court also set a hearing to consider approval of the Plan for October 26, 2021."The…

05 Mar 2021

Valaris Set to Emerge from Bankruptcy as Reorganization Plan Approved

Offshore drilling company Valaris, the world's largest by fleet size, has received approval from the United States Bankruptcy Court for the Southern District of Texas of its prearranged plan of reorganization, and has agreed with Korea's Daewoo to delay deliveries of two newbuild drillships.The offshore driller filed for bankruptcy in August 2020, in a move to restructure its debt load and reduce debt by more than $6.5 billion.The company this week said that in addition to bankruptcy court confirmation, the plan received support from approximately 80% of the company's unsecured notes and bank lenders representing 100% of the company's credit facility claims.

02 Nov 2020

Pacific Drilling Files for Chapter 11 Bankruptcy Again

Pacific Drilling drillships - Credit: Rab Lawrence/Flickr under CC BY 2.0 license

Offshore drilling firm Pacific Drilling and certain of its subsidiaries have filed for Chapter 11 bankruptcy with the aim to eliminate $1.1 billion debt.The company, which had previously filed for Bankruptcy in 2017, said Friday that it and certain of its domestic and international subsidiaries had filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.Pacific Drilling…

11 Sep 2020

Hornbeck Offshore Strikes Restructuring Deal with Lenders

A Hornbeck Offshore vessel - Image credit: Hornbeck Offshore

US-based offshore vessel provider Hornbeck Offshore has struck a comprehensive balance sheet restructuring support agreement with its lenders.The announcement on Tuesday follows Hornbeck’s previous announcement earlier this month when the company said it was in talks with lenders over the terms of the balance sheet restructuring, to be implemented through a prepackaged chapter 11 filing in the Southern District of Texas.Hornbeck Offshore said Tuesday that it had entered into restructuring…

23 May 2018

Harvey Gulf Receives Court's Confirmation of Reorganization Plan

Harvey Gulf International Marine issues statement on status of Chapter 11 Reorganization. Today, the United States Bankruptcy Court, Southern District of Texas - Houston Division, confirmed the final Plan of Reorganization submitted by Harvey Gulf International Marine. The approval comes just 77 days following Harvey Gulf’s prepackaged filing, considerably faster than all previous Chapter 11 proceedings for vessel operators over the last five years. Following the hearing, Harvey Gulf CEO, Shane Guidry, commented, “We really appreciate the diligent and collaborative efforts of all involved in this process – both within the company and from the legal and financial support teams.” Mr.

31 Jul 2017

Tidewater Emerges from Chapter 11 Bankruptcy

New Orleans-based  Tidewater Inc and its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing its reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors that was confirmed on July 17, 2017 by the United States Bankruptcy Court for the District of Delaware. Capitalized terms used but not defined below have the meanings ascribed to them in the Plan, which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 18, 2017. Through its Plan, Tidewater eliminated approximately $1.6 billion in principal of outstanding debt…

28 Mar 2017

Ocean RIG Files for Bankruptcy Protection in US

Photo: Ocean RIG

Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country.

01 Aug 2016

ISC Files for Chapter 11 Protection

International Shipholding Corporation (ISHC) and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York. The Company currently intends to continue operating in the normal course of business without interruption. To facilitate the Chapter 11 process, the Company has entered into a debtor-in-possession $16 million credit facility. The debtor-in-possession credit facility may be used to fund, among other things, the Company's working capital needs while in Chapter 11. Erik L. Johnsen, President and CEO, commented, "Today, we took a critical step toward right-sizing the Company's balance sheet.

27 Jan 2014

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 unsecured creditors, by value, voting in favor. Excel expects to emerge from Chapter 11 in mid-February 2014. Upon completion of the restructuring process, the company's total prepetition debt of $920 million will be reduced to approximately $300 million.

28 Nov 2013

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. "We are pleased to have reached this agreement with our lenders and bondholders, which positions Excel Maritime for future growth and success," said Gabriel Panayotides, Chairman of the Board.

02 Jul 2013

Bulk Carrier Owner Excel Files Chapter 11 Bankruptcy

Bulker MV Christine: Photo courtesy of Excel Maritime Carriers

Excel Maritime Carriers has entered into an agreement with its senior lenders on the terms of a financial restructuring, having now necessarily filed Chapter 11 petitions for relief in the United States Bankruptcy Court for the Southern District of New York. The agreement, which has the support of Excel Maritime's senior secured lenders, is substantially similar to the previously announced agreement in principle the Company reached with the steering committee of its senior lenders and provides the Company with up to $80 million of additional liquidity…

18 Dec 2012

PT Berlian Laju Tanker Restructuring at Crossroads

The company is subject to the jursidiction of several courts, but restructuring is essential in order to avoid bankruptcy. The Company previously announced on 5 October 2012 that some of its subsidiaries which had obtained protective orders from the Singapore High Court under section 210(10) of the Companies Act had the validity of those orders extended for a further 2 months. At a hearing on 27 November 2012, the Singapore High Court granted a further extension of those orders until 10 January 2013. This extension was obtained with the support of several major secured creditors of the Company. The extension granted by the Singapore High Court complements the ongoing PKPU process in Indonesia.

01 May 2012

US Boatbuilders File Voluntary Bankruptcy Petition

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. The Company is a  builder of recreational powerboats and sailboats under the iconic brand names of Hunter Marine, Silverton, Ovation, Luhrs, and Mainship. The business reorganization is intended to bolster liquidity, fairly resolve legacy liabilities, and enable the company to focus on its most valuable business lines and assets.

02 Feb 2012

General Maritime Reorganizes

General Maritime Files Plan of Reorganization and Disclosure Statement; Plan Supported by the Company's Key Senior Lenders. General Maritime Corporation announced today that it has filed a Plan of Reorganization (the "Plan") and a Disclosure Statement (the "Disclosure Statement") with the United States Bankruptcy Court for the Southern District of New York (the "Court"). The Company intends to seek confirmation of the Plan by April 2012. Under the terms of the Plan, the Company will receive an infusion of $175 million in new capital from funds managed by Oaktree Capital Management, L.P. ("Oaktree"), less the amount raised in the rights offering described below, will continue to operate as a going concern and will reduce its funded indebtedness by approximately $600 million. Jeffrey D.

17 Dec 2010

Trico to Sell Remaining Towing and Supply Vessels

Trico Marine Services, Inc. (Pink Sheets: TRMAQ) announced that it has reached an agreement with the company's major constituents concerning the process of selling Trico's remaining towing and supply vessels and any related operating assets, in accordance with previous public statements that the company is exiting the towing and supply business. The United States Bankruptcy Court for the District of Delaware recently issued an order approving the agreed upon sale process. The company noted that today's announcement excludes vessels owned by entities not part of the company's bankruptcy proceedings, including Trico's North Sea Towing and Supply vessels.

27 Aug 2010

Trico's U.S. Operations Files for Bankruptcy

Trico Marine Services, Inc. (NASDAQ:TRMA) announced that its U.S. companies and its Cayman Islands holding company have filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (U.S. Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware. Aside from the Cayman Islands holding company, Trico's foreign subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Trico's U.S. and worldwide operations are expected to continue without interruption during the restructuring process. Chairman of the Board of Directors, President and Chief Executive Officer, Richard A.

30 Jun 2010

Five Minutes with Richard Marler, Chairman, President & CEO, Signal International

Richard Marler

In the June 2010 edition of Maritime Reporter & Engineering News (www.marinelink.com), we had the opportunity to meet with Richard Marler, Chairman, President and CEO of Signal International, on the sidelines of OTC to discuss his company’s rapid growth and promising future. What is the primary focus of Signal International? RM     Our principal focus is offshore drilling rig and ship overhaul, repair, upgrade and conversion. Additionally, we provide services to the general marine and heavy fabrication markets and are moving into shipbuilding. When and why did you start Signal?

20 Jan 2010

Signal Acquires Bender Shipbuilding

Signal International Inc. announced the purchase of the Bender Shipbuilding & Repair assets through a bankruptcy auction. Signal was the winning bidder of the Mobile, Ala. shipyard for $31.2m which is contingent upon approval by the United States Bankruptcy Court for the Southern District of Alabama. “This purchase is consistent with diversifying the company while continuing the focus on our core competency in the overhaul, repair and upgrade of offshore drilling rigs,” said Dick Marler, Signal’s president and chief executive officer. According to  Marler, Signal plans to make an additional investment of about $5m on upgrades and repairs, and  increase employment to 400 to 500 within 18 months.

24 Nov 2008

Top Ships 3Q, 9 Mo Results

Top Ships Inc. (NASDAQ:TOPS) announced its operating results for the third quarter and nine-month period ended September 30, 2008. For the three months ended September 30, 2008, the company reported net income of $41,640,000, or $1.48 per share, compared with net loss of $21,986,000, or $1.80 per share, for the third quarter of 2007. The weighted average numbers of common shares used in the computations were 28,153,538 and 12,222,812(1) for the third quarter of 2008 and 2007, respectively. The results for the third quarter of 2008 include the following items: a net charge of $4,277,000 of stock-based and cash compensation, a net charge of $2…

23 Mar 2004

Isramco Bids to Purchase Luxury Cruise Liner

Isramco, Inc., bid for a luxury cruise liner at an auction held on March 19 under order of the United States Bankruptcy Court, Southern District of Florida. March 19, 2004 authorizing the sale to the Company of the cruise liner, on an as is basis and free and clear of all liens and claims, for a purchase price of $8,050,000. The Company is required to consummate the purchase of the vessel by March 29. The vessel, a Bahamas flagged ship, contains 270 passenger cabins spread out over nine decks. The vessel was built in France in 1973 and was purchased in 1999 by Alberta Trading Company, the debtor-in-possession. The vessel was converted into a luxury cruise liner from a passenger/car ferry in 2000 at a cost of approximately $18.5 million and…

25 Mar 2002

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. 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.

19 Mar 2002

MODEC Aides FGL

MODEC Inc., announced that its wholly owned subsidiary, MODEC (USA) Inc. in partnership with the current management team of Friede & Goldman, Ltd. (FGL) has signed a contract with Friede Goldman Halter, Inc. to acquire the assets of Friede & Goldman Ltd. The acquisition is subject to approval by the United States Bankruptcy Court. Commenting on the agreement,. Paul Geiger Jr., President of Friede & Goldman, Ltd. said, “This acquisition led by the management team with the support of MODEC Group gives a tremendous boost to the business activities of FGL. We intend to aggressively market our services and designs to drilling contractors and to shipyards. Kenji Yamada, President & C.E.O. of MODEC Inc.

14 Mar 2002

FGH To Reorganize Offshore and Marine Segments

Friede Goldman Halter, Inc. (FGH) announced today the debtor’s decision to file a joint plan to reorganize Friede Goldman Offshore (FGO) and Halter Marine, Inc. (HMI) under Chapter 11 of the Bankruptcy code. The Debtors and the Official Unsecured Creditors Committee are supporting this reorganization. The Restructuring Committee of the Board of Directors, after extensive review of options, will pursue the internal reorganization of the Offshore and Marine segments which is believed to be in the best interests of all parties. Details of the reorganization plan are being finalized and the reorganization plan will be filed with the United States Bankruptcy Court in the near future. Jack Stone, Principal, Glass & Associates, Inc.