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.