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SEACOR’s rescue package for International Shipholding approved

SEACOR’s plan to bail out and take over fellow US operator International Shipholding Corporation has been approved by a bankruptcy court in New York. The plan is now expected to become effective in the second quarter this year once certain government approvals and authorisations are in place.

“International Shipholding is pleased that the plan of reorganization has been confirmed and we are moving towards a successful completion,” said company president and CEO, Erik Johnsen.

The plan includes issuance of new equity in the reorganised company to SEACOR in exchange for a $10.5m cash infusion from SEACOR and the conversion of $18.1m in outstanding debtor-in-possession financing claims to equity. There will also be $25m in a new senior debt exit facility, a substantial majority of which will be used to satisfy creditor claims. International Shipholding will also be selling its car carriers to Japan’s Nippon Yusen Kaisha (NYK).

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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