Seacor tables bid for bankrupt International Shipholding

Seacor tables bid for bankrupt International Shipholding

Seacor Capital Corp has made a bid for bankrupt fellow American firm International Shipholding.

International Shipholding, which sought bankruptcy protection with debts of more than $220m in July, could see its 21-strong fleet carry on operating if a judge approves the takeover deal. Seacor’s bid includes $10m plus whatever company officials have spent on a roughly $18m bankruptcy loan.

The proposed takeover does not include an International Shipholding division that handles logistical and seaborne transportation services in Southeast Asia. International Shipholding chief executive Erik Johnsen has offered to buy that division for $18m.

Seacor is in aggressive mode at the moment, having just last week made a $305m approach to take over GulfMark Offshore.

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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