Taipei: The Taiwan-based shipowner, Today Makes Tomorrow (TMT), said 23 TMT entities have filed for Chapter 11 bankruptcy protection in Houston.
“I accept full responsibility for the problems TMT now faces but I am working 18 hours a day to ensure that this major asset for Taiwan’s national economic and global business reputation is not brought down because of adverse circumstances beyond my control,” said Nobu Su, boss of TMT.
The debtor TMT USA Shipmanagement LLC and 22 related companies have filed for Chapter 11 to United States Bankruptcy Court. The Debtors' fleet consists of 17 vessels, each held by an individual ship owning company. Several of the vessels are currently under arrest for unpaid bank debt and/or unpaid vendor/crew debt. The arrests have been made in Singapore, Cape Town, Taiwan, Antwerp and China.
However, Su believes that Chapter 11 will facilitate TMT's restructuring and will help bring the TMT companies back to long-term financial health, the company said. [21/06/13]
