Toisa gets cash collateral help

Toisa gets cash collateral help

Toisa, a shipowning vehicle controlled by Greek magnate Gregory Callimanopulos, has received bankruptcy court approval for the use of cash collateral secured by two of its major lenders, Citibank and Credit Agricole. Toisa filed for Chapter 11 at a court in New York this January.

Toisa’s vessel United Journey, which was released by Citibank, has a charter and is now back in service and generating income.

“Toisa’s operations continue to run normally as the company works constructively with its stakeholders on a global resolution to its debt restructuring,” the company said in a release.

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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