Us Bankruptcy Court For The Southern District Of New York News

Offshore vessel owner Hermitage Offshore Services, hit by prolonged low oil prices and business fallout from the coronavirus pandemic, said it has voluntarily filed for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.New York-listed Hermitage, part of the Scorpio Group, said it filed for Chapter 11 after failing to reach a financial restructuring deal with lenders out of court."While the company would have preferred to complete its financial restructuring out of court, it was unable to reach a consensual agreement with its lenders, which made filing Chapter 11 necessary to provide a single forum for all continuing conversations with its lenders…

Pacific Drilling  announced that a special purpose wholly owned subsidiary of the Company intends to offer $700 million aggregate principal amount of senior secured first lien notes that mature five years following their issuance, subject to market conditions.The notes are being offered in connection with the restructuring of Pacific Drilling as part of the First Amended Joint Plan of Reorganization filed with the U.S. Bankruptcy Court for the Southern District of New York on August 31, 2018.The net proceeds of the offering will be funded into an escrow account  established and maintained by the Escrow Issuer. If Pacific Drilling’s proposed Plan is confirmed and certain other conditions are satisfied on or before December 22…

CGG SA announces that all creditor classes entitled to vote on the chapter 11 plan proposed in the chapter 11 cases commenced on 14 June 2017 in the US Bankruptcy Court for the Southern District of New York by CGG SA’s 14 main foreign, direct and indirect subsidiaries, each a borrower or guarantor in respect of CGG Group’s funded financial indebtedness, have accepted the plan overwhelmingly. Specifically, all holders who have cast ballots in respect of the Secured Loans, and 97.14% in number and 97.96% in amount of those casting ballots in respect of the Senior Notes, voted in favour of the plan. Reuters reported that CGG has debt in excess of $3 billion…

Russia’s PAO Sovcomflot (SCF Group) subsidiary SCF Tankers Ltd. has won an auction for nine arctic-going tankers that belonged Primorsk International Shipping Ltd. (PRISCO), who filed for chapter 11 protection in January 2016. The purchase deal is worth $215 million, and the auction results have been approved by the U.S. Bankruptcy Court for the Southern District of New York, which is handling PRISCO’s bankruptcy case. SCF Tankers outbid Denmark’s Hafnia Tankers Ltd., who submitted a $208 million offer, the Wall Street Journal reported. The nine ships comprise one Aframax crude oil tanker: Zaliv Amerika (104,535-dwt); three LR2 oil product tankers: Zaliv Amurskiy (104…

General Maritime Corp. Financial Indebtedness to be reduced by approximately $600 Million; Oaktree Managed Funds to Provide $175 Million in new capital

. General Maritime Corporation (the "Company") has announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") confirmed the second amended joint plan of reorganization (the "Plan") of the Company and its direct and indirect subsidiaries that are debtors under Chapter 11 of the Bankruptcy Code (the "Debtors"). General Maritime currently expects to emerge from Chapter 11 in May 2012 after the conditions to effectiveness of the Plan are satisfied.

TBS International plc announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Company's Plan of Reorganization, paving the way for the reorganized Company's expedited emergence from chapter 11 proceedings, less than 60 days after its February 6 filing. The Plan reflects overwhelming support from its voting lenders to restructure the Company's secured debt and to pay in full in cash all allowed claims of unsecured creditors, including all vendors. As a result, the reorganized Company will emerge from its pre-packaged restructuring with a healthy capital structure, including approximately $40.0 million in new money financing…

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. 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.

Trico Marine Services, Inc. announced that it has successfully completed its Chapter 11 reorganization and it and two principal subsidiaries have also emerged from bankruptcy. Thomas Fairley, Trico's President and Chief Executive Officer commented, "We are pleased to emerge from bankruptcy and I would like to thank the Company's customers, employees and suppliers for their continued support. Chapter 11 petitions were filed by Trico and its two principal U.S. subsidiaries on December 21, 2004. The U.S. Bankruptcy Court for the Southern District of New York confirmed Trico's Plan of Reorganization on January 21, 2005 and all conditions have been met which cleared the way for Trico and its subsidiaries to emerge from Chapter 11.