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Reorganization Plan

Bill Introduced to Provide for NOAA

Representative Ehlers (R-MI) introduced the National Oceanic and Atmospheric Administration Act (H.R. 5450) to provide for the National Oceanic and Atmospheric Administration, and for other purposes. If enacted, the bill would, among other things, require the Administrator to develop a proposed reorganization plan and publish it in the Federal Register to obtain public comment. Source: HK Law


This Day in Coast Guard History – July 16

1946- Pursuant to Executive Order 9083 and Reorganization Plan No. 3 the Bureau of Marine Inspection was abolished and became a permanent part of the Coast Guard. (Source: USCG Historian’s Office)


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.


Eagle Bulk Shipping Files for Bankruptcy

Photo courtesy of Eagle Bulk Shipping

Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of its loans have voted in favor of a proposed reorganization plan. Getting creditor support for a "prepackaged" plan before filing for Chapter 11 can dramatically cut the time a company


Mingde Heavy Restructuring Plan in Doubt

Image: Nantong Mingde Heavy Industry

 Nantong Mingde Heavy Industry (NMHI), a subsidiary of the financially troubled shipbuilder Jiangsu Sainty Marine Corporation, has missed the June 26 deadline to submit its restructuring plan to the Nantong People’s court.   In other words, Sainty Marine has aborted its plan to help the restructuring of debt-ridden compatriot Nantong Mingde Heavy Industry.   The court accepted Nantong’s application for the bankruptcy reorganization on December 26, 2014


Sete Brasil to seek up to $5 bln funding

The company informs that it was granted the processing of bankruptcy - in response to the companys request on 2904. Photo Sete Brasil Participações

Sete Brasil Participações SA presented a draft reorganization plan on Friday that includes seeking up to $5 billion in funding and downsizing business, three months after the Brazilian rig leaser sought court protection against 18 billion reais ($5.7 billion) in looming debt payments. Rio de Janeiro-based Sete Brasil is asking creditors, which include some of the world's leading shipbuilders and Brazil's largest lenders, to endorse a plan to help build between eight and 12 rigs


Hercules Offshore to Begin Restructuring

Image: Hercules Offshore Inc.

 The Houston-based NASDAQ-listed drilling contractor Hercules Offshore Inc. (HERO) has entered a restructuring agreement with a noteholder group, and expects a prepackaged reorganization plan.   HERO says the agreement will convert $1.2B of debt to new common equity, and noteholders will backstop $450M of new debt financing to fully fund the remaining construction cost of the Hercules Highlander and provide additional liquidity to fund the company's operations.  


Hvide Marine Creditors And Shareholders To Vote On Plan

Hvide Marine Inc. announced approval by the United States Bankruptcy Court for the District of Delaware of the Disclosure Statement regarding the company's proposed Plan of Reorganization. The Plan, which was filed on Oct. 1 and amended on Nov. 1, has the support of the Official Committee of Unsecured Creditors in Hvide's Chapter 11 case, including representatives of the holders of approximately 63% of Hvide Marine's $300 million of 8 3/8 percent Senior Notes and nearly 50 percent of its


US Boatbuilders File Voluntary Bankruptcy Petition

Luhrs Marine Group announces the commencement of proceedings under Chapter 11 of the Bankruptcy Code 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.


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


Tidewater Emerges from Chapter 11 Bankruptcy

Photo: Tidewater Inc.

 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


STX Bags Orders for Six Tankers

Photo: STX Offshore & Shipbuilding

 South Korea’s STX Offshore & Shipbuilding won contracts to build six tankers from Greece and local shippers, reports Korea JoongAng Daily.   STX announced that Greek shipper OceanGold Tankers placed an order for four medium-range tankers of 50,000 DWT capacity


Paragon Offshore Comes Out of Bankruptcy

Photo: Paragon Offshore

 Paragon Offshore Group announced that it has emerged from bankruptcy after completing a restructuring that eliminated USD 2.3 billion of debt.   The successor company to Paragon Offshore PLC , which filed for bankruptcy in February 2016 with USD 2


Subsea 7 Acquires EMAS Chiyoda Subsea Assets

Photo: Subsea 7 S.A.

Subsea 7 S.A. said it has acquires certain businesses of EMAS Chiyoda Subsea (ECS) under a U.S. bankruptcy code Chapter 11 Plan of Reorganization, confirmed by the U.S. Bankruptcy Court for the Southern District of Texas and became effective on June 29, 2017.  


Flynn Refrigeration Revamps Product Lineup

Alex Flynn (Photo: Flynn Refrigeration)

 A new-look product line for 2017 from U.K. marine specialist Flynn Refrigeration aims to provide customers with an even broader offering of refrigeration and air conditioning products.   Continually expanding its offering to the marine and industrial markets


Seaspan Names Hale Chief Administrative Officer

Brent Hale (Photo: Seaspan)

 Seaspan ULC (Seaspan) has appointed Brent Hale as Chief Administrative Officer (CAO).    Brent joined Seaspan in June 2015 as Vice President - Human Resources (HR). In this capacity Brent led the strategic reorganization of HR at Seaspan - implementing new HR and Labor Relations


Hunter Maritime Terminates Tender Offer for Bulkers

Bulk carrier anon: File photo

 Marshall Islands based Hunter Maritime Acquisition revealed it has “mutually agreed” with Germany’s Oskar Wehr to terminate the master agreement and the memoranda of agreement (MOA) related to the acquisition of five Capesize dry bulk carriers.  


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


Ezra Holdings Files for Bankruptcy in US

Pic: Ezra Holdings

 Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported.  Ezra  has been facing hostile actions from creditors at home and abroad as it struggles to recover from a


Eley to Take over as Polarcus CEO

Duncan Eley (Photo: Polarcus)

Duncan Eley has been appointed chief executive officer of Oslo listed offshore geophysical services company Polarcus Limited, replacing Rod Starr, who has resigned following a two year reorganization period.   Eley has been promoted to the CEO role from his current position as chief


Damen Shiprepair Cuts 150 Jobs

Photo: Damen Shipyards Group

 Damen Shiprepair & Conversion (DSC) plans to lay off around 150 workers as part of its reorganisation program at three Dutch yards within its group.   All employees at the three locations — Damen Shiprepair Rotterdam (DSR)


SM Line's Maiden Voyage Next Month

Photo: S M Ship Management

 The new container carrier SM Line, owned by South Korean Samra Midas (SM) Group, will launch its first service in the second week of March.    The shipper which took over Hanjin's service network between Asia and the US, will also take over several of Hanjin's terminals in South


Busan Port May Hit by Shipping Alliance Reshuffle

Photo: Busan Port Authority

 The upcoming reorganization of global shipping alliances is likely to hit Korea’s largest port in Busan and  the harbor volume of Busan Port is expected to drop by 3.5 percent from next year, the Korea Herald reported quoting Korea Maritime Institute (KMI)’s report.  


Tidewater Gets Waiver Extensions

Photo Tidewater

As previously reported, Tidewater Inc. (NYSE: TDW) has been in discussions with its principal lenders and noteholders to amend the company's various debt arrangements to obtain relief from certain covenants. Pending the resolution of those discussions


Hanjin Dumps Half of Workers

Photo: Hanjin Shipping Co Ltd

 The bankrupting container operator Hanjin Shipping Co. is shedding half of its ground workforce and may ax equally that many of the crew on deck as the bankruptcy court is out to sell most of ground and sea assets, according to the Pulse.  






 
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