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.
