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Toisa provides more details on Chapter 11 filing

More details have been released about the Chapter 11 filing in New York by Toisa, a shipowning vehicle controlled by Greek national Gregory Callimanopulos.

In a release, it was stressed that other parts of the Callimanopulos shipping empire including Sealion Shipping, Marine Management Services and Marine Management Bulk Services, Farnham Marine Agency, Sealion do Brasil Navagacao, Sealion do Corcovado Navagacao, and Brokerage & Management Corp are not part of the Chapter 11 filing and continue to function as normal.

“The Company took this action following a prolonged slump in global oil prices, among other factors, and its effect on the Company’s offshore business. While the Company would have preferred to complete its financial restructuring out of court, its complex debt structure and dipartite lender group made filing Chapter 11 necessary to provide a single forum for all continuing conversations with lenders,” the release stated.

Toisa claimed it has sufficient liquidity to ensure its business operations and relationship with its customers and vendors will not be adversely affected by this proceeding while it works toward a consensual resolution.

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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