Bankruptcy Court For The District Of Delaware News

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…

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.

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.

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.

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.

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.

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.

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.

Norwegian shipping company Frontline has signed an agreement to take over U.S.-based Golden Ocean Group. Frontline has reportedly signed a term sheet with Golden Ocean, under which the parties agreed to propose a joint plan for a financial restructuring of Golden Ocean. Golden Ocean holds interests in 14 VLCCs, three VLCC newbuilding contracts and 10 bulk carriers. The company filed for a Chapter 11 restructuring in the Bankruptcy Court for the District of Delaware on Jan. 14. Frontline has committed to pay up to $33 million in cash, or to issue up to 4.1 million shares and 1.9 million warrants in Frontline valued to $48 million to take over all unsecured debt and all upstream guarantees.

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

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.

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 outstanding Trust Convertible Preferred Securities. "The decision by the Court allows us to proceed with the solicitation of votes on the Plan of Reorganization," commented Jean Fitzgerald, Chairman, President and CEO.

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.