ISC Files for Chapter 11 Protection
International Shipholding Corporation (ISHC) and certain of its subsidiaries have each filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York. The Company currently intends to continue operating in the normal course of business without interruption. To facilitate the Chapter 11 process, the Company has entered into a debtor-in-possession $16 million credit facility. The debtor-in-possession credit facility may be used to fund, among other things, the Company's working capital needs while in Chapter 11. Erik L. Johnsen, President and CEO, commented, "Today, we took a critical step toward right-sizing the Company's balance sheet.
International Shipholding Returns to New Orleans
Louisiana Governor Bobby Jindal and International Shipholding Corp. President Erik L. Johnsen announced the company will relocate its corporate headquarters from Mobile, Ala., to New Orleans, where the business was founded in 1947. Listed on the New York Stock Exchange as ISH, the company owns and operates a global fleet of waterborne cargo vessels. ISH recorded annual revenue of more than $310 million in its just concluded 2013 fiscal year. After Hurricane Katrina, recovery challenges led the company to relocate its corporate headquarters to Mobile.
US Corp Buys PCTC
International Shipholding Corporation purchases a 1999-built Pure Car Truck Carrier (PCTC) to fly the US flag. International Shipholding Corporation announce the purchase of a 1999-built Pure Car Truck Carrier (PCTC). The vessel acquisition was funded by a $3.5 million cash payment and the sale of the Company’s 1994-built PCTC, Green Cove, to the seller in a transaction valued at approximately $27.5 million. The newly purchased PCTC, which will be reflagged under the U.S. Flag and renamed Green Cove, will promptly commence a long-term charter with a strong, creditworthy counterparty. Mr. Erik L. Johnsen, President of International Shipholding Corporation…
Jerry Nagel Receives Breakbulk Lifetime Achievement Award
Jerry Nagel, chairman of the board at Rickmers-Linie (America) was the recipient of the 8th annual Lifetime Leadership and Achievement Award at the Wed., Oct. 26 kickoff of the 22nd annual Breakbulk Transportation Conference and Exhibition at the New Orleans Convention Center, attended by more than 3,600 breakbulk and heavy-lift industry executives. Nagel, 62, has spent much of the past decade working as president and CEO at Rickmers-Linie (America) in Houston, where he oversaw the expansion of the carrier's business in the Americas.
Johnston, Executive VP Intern’l Shipholding
Peter M. Johnston has been promoted to executive vice president of International Shipholding Corporation. The announcement was made by Erik L. Johnsen, president of the company. Johnston, whose appointment is effective immediately, is a 1977 graduate of SUNY Maritime College. He is a veteran of many years in the offshore industry and rose to the rank of port captain for American Overseas Marine. Johnston joined International Shipholding Corporation in 1991 as director of operations with responsibility for the Waterman’s Defense Department Contracting Program.
