Us Chapter News

A global alternative investment firm Strategic Value Partners has entered into agreement with Hornblower Group to acquire the majority ownership of the company in exchange for significant equity investment. As part of the agreement, Crestview Partners retained minority ownership in the business, and the decision was made to sell or wind down the company’s overnight cruises unit American Queen Voyages.Aside from significant minority stake in the business, Crestview will become the sole owner of Journey Beyond…

Offshore drilling rig contractors Transocean Ltd and Dolphin Drilling have made a new offer to buy the assets of stricken rival Seadrill Ltd, Dolphin's chief executive said on Friday.Oslo-listed Seadrill, founded by Norwegian-born tycoon John Fredriksen, is seeking to emerge from U.S. Chapter 11 bankruptcy proceedings under an alternative financial plan filed in court last month."I can confirm that Dolphin and Transocean submitted an updated bid yesterday," Dolphin Chief Executive Bjoernar Iversen told Reuters.Seadrill's Oslo-listed shares traded 5.5% up by 1425 GMT…

Noble Corp and a consortium that includes Transocean Ltd and Dolphin Drilling are competing to acquire the assets of Seadrill Ltd, the bankrupt offshore oil driller controlled by Norwegian-born tycoon John Fredriksen, people familiar with the matter said on Tuesday.Seadrill is trying to emerge from its second U.S. Chapter 11 bankruptcy in four years: like many in the industry, it expanded its drilling rigs too aggressively in the mid-2010s to withstand a subsequent plunge in energy prices and rig hire rates.

Resolve’s Lindsay Malen-Habib takes the helm to become the American Salvage Association's first woman presidentLindsay Malen–Habib has been named president of the American Salvage Association (ASA) effective immediately, the trade group's executive committee announced Monday. She becomes the first woman to assume the role.Fort Lauderdale, Fla.-based Malen-Habib is currently Resolve Marine Group’s manager of client services, and she has been an active ASA member for more than 10 years…

Irish-domiciled multinational oil and natural gas service company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a "prepackaged" Chapter 11 bankruptcy - after more than four years without making a profit.Weatherford expects to implement the Restructuring Agreement through a "pre-packaged" Chapter 11 process and expects to file U.S. chapter 11 and Irish examinership proceedings. As part of this process, Weatherford intends to continue engaging in discussions with, and begin soliciting votes from, its creditors in connection with a proposed Plan of Reorganization prior…

Global law firm Norton Rose Fulbright has advised Citigroup and other lenders of Danaos on a $2.2 billion restructuring of NYSE-listed Danaos Corp (DAC), one of the world’s largest independent owners of modern, large-size containerships.Norton Rose Fulbright’s Athens, London and New York offices advised Citigroup and certain other lenders (including China Exim Bank and Eurobank) on new money, take out and refinancing facilities, restructuring support agreements, debt for equity arrangements, debt trading, Chinese ECA aspects and complex shared security and other intercreditor agreements.The transaction, which completed out of court,…

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 slump in oil prices over the past three years. The company filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code, according to a stock exchange filing on Sunday. Ezra will hold an informal meeting as soon as "reasonably practicable" to update and provide further information on the Chapter 11 filing to holders of its debt, it said in a separate statement. Ezra is one of several Singapore offshore and marine services firms that have been hit by a downturn in oil prices since in 2014.

Shipping company Toisa Ltd filed for U.S. Chapter 11 bankruptcy as falling demand for the Bermuda-chartered company's oil-and-gas supply vessels left it running short of cash, according to court documents. Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oil service vessels, 13 tankers and seven bulk ships, according to documents filed with the U.S. Bankruptcy Court in Manhattan. The ship operator said it had more than $1 billion in debt in court documents.

A U.S. judge said on Friday he will grant Hanjin Shipping Co Ltd provisional protection from creditors in the United States, enabling some vessels to dock and unload at U.S. ports. South Korea's Hanjin asked U.S. Bankruptcy Judge John Sherwood to issue an order that would prevent creditors from seizing Hanjin ships or property, and allow cargo owners to make arrangements to retrieve goods stranded in warehouses. Sherwood said he would sign the order later on Friday. Earlier, the company received authority to spend the money needed to dock at U.S.

In the past two or three years, we have seen a wave of shipping companies file Chapter 11 bankruptcy cases in the United States. This latest wave started hitting the street in about 2011 and has included such names as General Maritime, Omega Navigation, Marco Polo, TBS International, B&H, and OSG. The timing is no mystery to anyone who has been following our industry, and I do not think it is too controversial to suggest that what we are seeing now are the continuing effects of the precipitous collapse of freight markets starting in 2008 which…

Wilhelmsen Technical Solutions has completed a comprehensive performance verification program for the Unitor Ballast Water Treatment System (Unitor BWTS). As a result of the evaluation that followed, the company reached the decision to withdraw the current design of the Unitor BWTS from the market. “We acknowledge the potential impact for our customers and others affected by this decision. However, in keeping with our commitment to compliance, quality and customer satisfaction, we believe this is the only prudent course of action,” says Petter Traaholt, president of Wilhelmsen Technical Solutions. Wilhelmsen Technical Solutions is committed to developing solutions to address the environmental challenges of the maritime industry.

U.S. Courts confirm Marco Polo Seatrade Chapter 11 protection and frees vessel. The New York Court supervising the reorganisation of Marco Polo Seatrade and its group affiliates has rejected the motions filed by the Royal Bank of Scotland and Credit Agricole seeking to dismiss the group's US Chapter 11 filings. Both lenders had asserted that Marco Polo Seatrade was not eligible for Chapter 11 protection and had indeed initiated its Chapter 11 case in bad faith. The court rejected all of the lenders' arguments. Antonio Zacchello, MD of Marco Polo Seatrade, says, "We are delighted that the court has confirmed that we acted in accordance with the law and in good faith in starting our Chapter 11 proceedings.

Marco Polo Seatrade receives court approval to continue to use revenues in the business. The Marco Polo Seatrade group of companies that filed for Chapter 11 on 29th July 2011 has taken a significant step forward in the US Chapter 11 restructuring process. The New York Court supervising the reorganisation of  Marco Polo approved on 31st August 2011 the continued use by the company of the cash collateral, meaning the revenues deriving from the day to day employment of its fleet, for the duration of the Chapter 11 cases. The approval was granted with the consent of Marco Polo’s primary lenders Credit Agricole and Royal Bank of Scotland.