Houston: Banks in Taiwan and other creditors of the TMT shipping business have been told to help the company seek to stay afloat by a US Court.
Macquarie Bank, the giant Anglo-Australian bank with a major office in Taiwan, has been authorized to advance $6m to TMT out of the $20m it is owed.
Texas US District Court judge Lynn Hughes declared that TMT had filed for bankruptcy “in good faith and with jurisdiction”.
TMT chairman Nobu Su has agreed to pledge $40.75m worth of Vantage shares to the estate as collateral.
“The debtors’ good faith has again been vindicated. We hope that now, finally, our lenders will see the virtue of working consensually with us. But even if they don’t, we will go full steam ahead towards reorganization,” said TMT lead lawyer Evan Flaschen of Bracewell & Giuliani after the hearing. [14/10/13]