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Us Bankruptcy Court For The District Of Delaware News

28 Oct 2016

Paragon Offshore Eyes Options after Court Denies Bankruptcy Plan

Paragon Offshore Plc said on Friday it was evaluating its options after a U.S. judge rejected the offshore rig contractor's plan to exit bankruptcy, an unusual setback for a corporate Chapter 11 proceeding. In an oral ruling in U.S. Bankruptcy Court in the District of Delaware, Judge Christopher Sontchi said the plan was not feasible because it removes too much cash from the company during the current downturn. The ruling does not preclude the company from a restructuring under a different plan, he said. "The company continues to believe, but cannot provide any assurances, that a positive resolution of the company's restructuring process can be achieved," Paragon said in a statement following the ruling.

15 Jul 2015

Signal International Files for Bankruptcy

Photo: Signal International

Facing a wave of lawsuits filed by workers recruited from India to work on the U.S. Gulf Coast, marine services company Signal International has filed for Chapter 11 bankruptcy protection to help save its business and resolve litigation, the Wall Street Journal reported. Accused of labor trafficking, marine services company Signal lost the first of many lawsuits filed against it by more than 225 Indian workers who say they were promised good jobs repairing rigs damaged by Hurricane Katrina. As many as 500 workers came from India to work for the company.

01 Mar 2013

CPLP, OSG Reach Conditional Agreement

Capital Product Partners L.P. (the "Partnership" or CPLP) (NASDAQ: CPLP) has reached a conditional agreement with Overseas Shipholding Group Inc. (OSG) and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. On November 14, 2012, OSG made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware, and it is currently subject to bankruptcy proceedings. CPLP had three IMO II/III Chemical/Product tankers (M/T Alexandros II, M/T Aristotelis II and M/T Aris II, all built in 2008 by STX Offshore & Shipbuilding Co. Ltd.) with long term bareboat charters to subsidiaries of OSG.

15 Nov 2012

Tankship Owners OSG File Chapter 11 Process

Overseas Shipholding Group, Inc. starts Chapter 11 process to reduce debt & other financial obligations to create more solid financial foundation. The Chapter 11 petition for itself and certain operating subsidiaries was filed in the U.S. Bankruptcy Court for the District of Delaware. Certain subsidiaries, including those that manage the Company’s facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Chapter 11 reorganization. A complete list of the OSG entities which filed, and those which did not file, Chapter 11 petitions, is available at www.kccllc.net/osg. OSG intends to work with its constituencies to emerge from bankruptcy as quickly as possible while maintaining the company’s market position, business model and strategy.

30 Apr 2002

Sea Star’s Purchase Appoved

Sea Star Line, LLC (Sea Star) announced that its bid to purchase certain assets of Navieras/NPR, Inc. and of certain related entities was approved by the U.S. Bankruptcy Court for the District of Delaware. The Court also approved the closing date of April 26, 2002. “With this important step we are now moving from the planning phase into the implementation phase,” announced Mike Shea, president, Sea Star.

16 Oct 2006

Sea Containers Files for Chapter 11

Sea Containers Ltd. Announced that, in order to achieve a financial restructuring, Sea Containers Ltd and two subsidiaries, Sea Containers Services Ltd and Sea Containers Caribbean Inc, have voluntarily filed for protection under Chapter 11 of Title 11 of the United States Bankruptcy Code. The filings were made on October 15 in the U.S. Bankruptcy Court for the District of Delaware. Other than the two subsidiaries listed above, no other subsidiary company within the group has filed for protection. Operating subsidiaries such as Great North Eastern Railway (GNER), the U.K. rail operator, and the SeaStreak ferry services in New Jersey, will continue their normal day to day operations. GE SeaCo, the joint venture container leasing business, is

20 Dec 2002

Port of Tacoma to Purchase Kaiser Aluminum Smelter

The Port of Tacoma Commission has approved a contract with Houston-based Kaiser Aluminum to purchase the company's aluminum smelter located near the Port for an initial cash payment of $12.1 million. re-developing for container terminal use. approval by the U.S. Bankruptcy Court for the District of Delaware. first quarter of 2003. necessary demolition and environmental remediation that may be required. funds will be placed in escrow. additional proceeds of the sale. Clare Petrich. Activity at Kaiser's Tacoma facility was curtailed in 2000. 73,000 metric tons of aluminum annually. America. community. Kaiser President and Chief Executive Officer Jack A. and to further strengthen the company's liquidity. years. clearly, so has the Northwest power environment," continued Hockema. market today.

09 Dec 1999

Hvide Marine Confirmation Expected

Hvide Marine Inc. stated that the U.S. Bankruptcy Court for the District of Delaware is expected to confirm the plan of reorganization proposed by the company in its Chapter 11 case on December 9. By that time, the company expects to resolve various components of its $300 million exit financing, enabling its emergence from its Chapter 11 status. A recent hearing demonstrated the objections filed with respect to the plan, which were overruled and resolved, and the company showed that, except for the exit financing, all the requirements for confirmation had been satisfied.