St. Louis: the heartland’s intermodal hub hosts two industry events
The 5th annual inland IMX show coincides with the first ever FreightWeek STL. For transport professionals, supply chain stakeholders and inland operators alike, there was something for everyone. St. Louis, MO: This week’s IMX inland marine industry tradeshow may have been the primary focus for inland stakeholders, but there were many more reasons to be here in St. Louis. Parallel with and coordinating with the 5th annual event was the weeklong FreightWeek STL event intended to spotlight freight and transportation industries, opportunities and to underscore the St. Louis region as a global freight hub. Importantly, the collaboration also highlighted the need for intermodal solutions and not necessarily modal competition.
U.S. Shipping Partners Exits Chapter 11
U.S. Shipping Corp, formerly known as U.S. Shipping Partners L.P., announced it has emerged from Chapter 11 bankruptcy protection pursuant to the Third Plan of Reorganization approved by the U.S. Bankruptcy Court for the Southern District of New York on October 1, 2009. "We are very pleased to be out of Chapter 11," said Joseph Gehegan, President and Chief Executive Officer. Under the plan as implemented, $100m of second lien debt was extinguished in exchange for 45% of the equity of U.S. Shipping Corp and the principal amount of the first lien debt was reduced to $300m at an improved rate of interest. The holders of the first lien debt received 45% of the equity of the company, and 10% of the equity has been set aside for management.
