Argentina’s Ultrapetrol seeks Chapter 11 protection

With creditors dismissing its restructuring plans listed Ultrapetrol has become the latest victim of the shipping downturn, seeking Chapter 11 bankruptcy protection at a court in the US late last night.

Ultrapetrol, which operates hundreds of river barges, as well as OSVs and two product tankers and a pair of feeder boxships, was saddled with $566m of debts.

As its financial position worsened the Argentinian owner was forced to delist from the NASDAQ last October, but it quickly moved to the OTCQB Venture Market.

Damián Scokin resigned as CEO of the company on November 1 to be replaced by the firm’s chairman, Eduardo Ojea Quintana.

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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