Rand Logistics files for chapter 11

Rand Logistics files for chapter 11

Rand Logistics, which moves commodities across the Great Lakes, has sought chapter 11 bankruptcy protection at a court in Delaware.

Debtors will continue to operate their businesses as debtors in possession under the jurisdiction of the court. The filing involves Rand’s American businesses. None of its Canadian businesses have filed for bankruptcy protection.

Key holder of Rand’s debt Lightship Capital, an affiliate of American Industrial Partners, is set to take over the company in the event the court agrees to Rand’s restructuring plan. The next court hearing regarding Rand’s future is likely to be held towards the end of February.

New Jersey-based Rand, which has 10 Canadian-flagged vessels and six US-flagged ones in its fleet, first flagged it was in financial difficulty in August 2016 when it defaulted on two loans.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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