Holt Group Files For Bankruptcy

Holt Group Inc., a large Delaware River port operator offering cargo services, including stevedoring and warehousing, voluntarily filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court in Delaware. The privately-held company, based in Gloucester City, N.J. just outside Philadelphia, said in a filing with the Securities and Exchange Commission it had reached an agreement with a committee representing holders of two-thirds of its $140 million of defaulted 9.75 percent senior unsecured notes maturing in 2006 to restructure the debt. The company expects to emerge from the bankruptcy process this summer and intends to keep running normally during the bankruptcy process. It did not return calls seeking further comment. - (Reuters)