Taxman among raft of parties objecting to International Shipholding’s restructuring plan

Taxman among raft of parties objecting to International Shipholding’s restructuring plan

A slew of creditors plus the US taxman have objected to International Shipholding’s restructuring plan in recent days, likely putting a hold to fellow American OSV firm, Seacor Capital Corp’s plans to buy out the majority of the bust firm’s business.

As well as the Internal Revenue Service, other entities who have filed objections include an agency business, an insurance firm and a range of financiers.

International Shipholding sought bankruptcy protection last July, hit with debts of more than $220m.

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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