Gregory Callimanopulos’s Toisa files for Chapter 11 in New York

Gregory Callimanopulos’s Toisa files for Chapter 11 in New York

Toisa, a shipowning vehicle controlled by colourful Greek magnate Gregory Callimanopulos, has sought bankruptcy protection in New York. The Chapter 11 filing seen by Splash covers Toisa and 23 subsidiaries which run a total of 19 ships – a mix of OSVs, tankers and bulkers. Also listed among Toisa’s assets are a pair of Gulfstream planes.

Toisa’s largest creditor is Danish Ship Finance, which has a $123m exposure to the bust firm, followed by DNB with a $115m exposure and ING who is owed $114.6m. Other lead creditors include Citibank and BNP Paribas.

Callimanopulos, who turns 80 this year, took over from his father Pericles running the family shipping business in 1979. His life has included a few court skirmishes including a battle with auctioneers Christie’s and a 2011 harassment lawsuit filed by a former employee.

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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