Bankruptcy
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Greater China
JES sells its shipbuilding business in distressed debt deal
JES International Holdings has sold its shipbuilding business to distressed debt investor Hong Kong Victo International Limited for a cash…
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Americas
Offshore Group Investment Limited completes restructuring, changes name
Offshore Group Investment Limited (OGIL) has completed its prepackaged Chapter 11 restructuring in the US and will change its name…
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Europe
Nordea unhappy with Prisco Chapter 11 ruling
Swedish bank Nordea has attacked the terms laid out by a judge in Manhattan that will see Russian tanker firm…
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Europe
Prisco files for bankruptcy
Arctic tanker specialist Primorsk International Shipping (Prisco) has become the latest line to fold. The company has filed a voluntary…
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Americas
Paragon Offshore in talks with creditors as bankruptcy looms
Struggling US drilling contractor Paragon Offshore announced on Friday that it has decided not to make a due interest payment…
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Americas
Vantage Drilling’s chapter 11 plan confirmed
A US judge has confirmed Vantage Drilling’s chapter 11 plan, which aims more than halve the company’s debt load. The…
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Dry Cargo
Wave of bankruptcies predicted among Chinese dry bulk owners
A report just out from state-backed Shanghai International Shipping Institute (SISI) warns of a likely wave of bankruptcies among China’s…
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Asia
Daiichi Chuo to slash fleet by half
Japan’s Daiichi Chuo Kisen Kaisha plans to halve its current ‘long-distance’ fleet by returning chartered-in vessels to their owners and…
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Americas
NewLead JMEG CEO files for bankruptcy ahead of court deposition
Jan Berkowitz, CEO of NewLead JMEG, has filed for bankruptcy protection in the US just days ahead of his court…
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Asia
Why there’s nothing surprising about Daiichi Chuo’s demise
The surprising thing for me about the demise of Daiichi Chuo Kisen Kaisha was that we weren’t all talking about…
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Asia
Daiichi Chuo files for bankruptcy
As first reported by Splash last week, Daiichi Chuo Kisen Kaisha, Japan’s fifth largest shipping line, has filed for bankruptcy,…
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Greater China
More Chinese shipping bankruptcies likely: Fitch
China’s slower growth and economic transition will pose significant risks for the shipping sector, which already faces overcapacity, weak freight…
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Europe
Bergen Group’s rig services subsidiary declares bankruptcy
An expensive ongoing litigation has forced rig service provider Bergen Group Hanøytangen to declare bankruptcy in Norway. The petition is…
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Europe
Ceona goes into administration in the UK
SURF and heavy subsea construction contractor Ceona and Ceona Services (UK) Ltd have gone into administration in the UK, having…
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Dry Cargo
Global Maritime Investments files for bankruptcy
Global Maritime Investments Cyprus filed for chapter 11 bankruptcy protection in New York on Tuesday and is to liquidate its…
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Europe
Bergen Group’s pipe installation subsidiary goes bust
Norway’s Bergen Group has announced today that subsidiary, Bergen Group Skarveland, has resolved a petition for bankruptcy due to a…
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Greater China
Judger Group declared bankrupt by court
Wenzhou Intermediate People’s Court has announced the bankruptcy of Judger Group with six of its subsidiaries including Judger Shipbuilding. Judger…
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Americas
Hercules’ Chapter 11 bankruptcy could be tip of the iceberg, says Fitch report
A report by Fitch Ratings agency has forecast more bankruptcies among offshore oil drilling companies, to follow the example of…
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Americas
Hercules Offshore files for Chapter 11 bankruptcy
NASDAQ-listed drilling contractor Hercules Offshore has said in an announcement today that it has filed a pre-packaged plan of reorganization…
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Dry Cargo
Lithuanian Shipping bankruptcy proceedings started – and stopped
Athens: Just hours after bankruptcy proceedings were begun against state-owned Lithuanian Shipping, the country’s SEB Bank has stepped in with an…
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