Toisa wins concession as Chapter 11 proceedings gather pace

Toisa wins concession as Chapter 11 proceedings gather pace

Toisa, a shipowning vehicle controlled by Greek national Gregory Callimanopulos which filed for Chapter 11 protection in the US at the end of last month, has manged to regain control of an arrested ship.

Toisa has regained control of its vessel United Journey, through a negotiated court order with Citibank, which seized the tanker in the Caribbean on December 24 last year.

Toisa plans for United Journey, which has been idled in St Eustatius since its arrest, to resume full operations as soon as possible. The cargo the ship was hauling upon seizure was off-loaded to another vessel.

“The company welcomes this outcome as it continues to work cooperatively with its stakeholders on a financial restructuring plan following its voluntary Chapter 11 filing last month,” Toisa said in a release.

In addition to United Journey’s return, the court order included provisions for the consensual use of Citibank’s cash collateral by the company.

At this time all 46 of Toisa’s vessels are free to undertake all business already contracted and are available to enter into additional relationships.

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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