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An assembly of creditors in Rio de Janeiro approved on Wednesday a new bankruptcy protection plan put forward by Brazilian shipbuilder OSX Brasil SA in an effort to save the company while refinancing a USD 2.6 billion debt, Reuters reports. OSX revealed the new bankruptcy protection plan, accompanied by bankruptcy protection plans for its subsidiaries OSX Construção […]
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Norway’s Scana Industrier ASA has decided to cease further funding of its subsidiary Scana Steel Stavanger AS, a provider of steel components to the offshore oil and gas industry. Consequently, Scana Industrier has said that there is no basis for a solvent winding-up of the company and the Board of Scana Steel Stavanger resolved to file for […]
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Strojopromet Zagreb seeks bankruptcy proceedings to be launched at compatriot shipbuilder 3 Maj.
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Norwegian shipbuilder Noryards BMV, a daughter company of Noryards AS, has filed for bankruptcy having failed to reach a compulsory debt settlement with its creditors. The shipyard’s CEO Pål K. Grimsrud confirmed the bankruptcy filing on Wednesday afternoon to local media, a final move following the yard’s inability to secure work amid offshore oil and gas industry […]
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Vessel owner Toisa Ltd. has filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court, Southern District of New York. Reportedly, slowdown in the oil & gas and dry-bulk markets has left the company in debt of some USD 1 billion. According to documents submitted to the Bankruptcy Court in Manhattan, Toisa, owned by […]
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Dolphin Group ASA, a parent company of Dolphin Geophysical, a Norwegian provider of marine seismic services, is counting its last hours on Oslo Børs, the Norwegian stock exchange. The exchange is delisting the shares of Dolphin Group ASA following the company’s filing for bankruptcy earlier this month. In a statement last week, the Oslo Bors said: […]
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Lithuania’s Ministry of Transport and Communications has filed for bankruptcy proceedings of Klaipeda-headquartered bulk shipping company PC Lithuanian Shipping Company. The Ministry, which owns 56.66 percent of the company’s shares, filed with the District court of Klaipėda petition for initiation of the company’s bankruptcy proceedings amid ongoing financial troubles that plunged the bulker owner and operator deep in debts. “Currently, most of […]
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Lithuania’s Ministry of Transport and Communications has filed for bankruptcy proceedings of Klaipeda-headquartered bulk shipping company PC Lithuanian Shipping Company. The Ministry, which owns 56.66 percent of the company’s shares, filed with the District court of Klaipėda petition for initiation of the company’s bankruptcy proceedings amid ongoing financial troubles that plunged the bulker owner and operator deep in debts. “Currently, most of […]
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The Official Receiver of Econcern, the Dutch based international renewable energy developer, is holding the former directors and supervisors liable for hundreds of millions Euros of damage caused by the green energy company’s bankruptcy. The company filed for bankruptcy in 2009. According to the Official Receiver, the directors and supervisors were not fulfilling their duties […]
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Aegean Marine files voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.
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German manufacturer of wind turbine towers and foundations Ambau has filed for bankruptcy at the Cuxhaven district court. The main reason for the bankruptcy filing is reportedly insolvency due to the lack of orders. Ambau currently employs around 350 people at two locations in Cuxhaven and Gräfenhainichen. The Cuxhaven district court has appointed provisional bankruptcy […]
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Klaipeda County Court has decided to declare the PC Lithuanian Shipping Company bankrupt and began the process of liquidation, the company said in a notice to creditors dated May 30. As disclosed, the bankruptcy administrator is convening the meeting of the creditors of the insolvent company on 10 June 2016, the agenda being the sale process of the movable […]
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Regional Court of Klaipeda has initiated the bankruptcy proceedings of PC Lithuanian Shipping Company. The decision comes into force 10 days after its adoption. The move comes following the company’s application for bankruptcy filed on November 27th by the company’s general director Sigitas Dobilinskas. This was the second time in less than six months that the […]
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Shipbuilding subsidiaries of the Chinese group JES International Holdings Limited to cease operation.
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Houston-based oil company Hyperdynamics on December 22 filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.
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Capital Product Partners L.P. (“CPLP”) has reached a conditional agreement with Overseas Shipholding Group Inc. (“OSG”) and certain of OSG’s subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. On November 14, 2012, OSG made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in […]
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Nordseewerke from Emden, Germany, has filed for bankruptcy due to the upcoming imminent insolvency, CEO Thierry Putters told German media. This affects 188 employees, of whom 80 percent have been working short-time since September 2014. The shipyard was founded in 1903 and was taken over by the steel company Siag Stahl in 2010. Following the bankruptcy of […]
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Brazilian shipbuilder Estaleiro Ilha S.A. (Eisa) has filed for bankruptcy having struggled for months with order cancellations and industry downturn. The announcement comes one day after the shipyard closed its doors due to money shortage that saw the shipbuilder lay off 3,000 of employees. The bankruptcy proceedings include the business headquarters located in the Governador Island […]
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Oslo-listed subsea contractor Cecon ASA has requested from a Norwegian court to declare it bankrupt having failed to present a restructuring plan. Over the last 4 months, Cecon has been subject to compulsory composition proceedings, during which time it explored all possibilities for a debt restructuring solution which would give the creditors of the company […]
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BPZ Resources, Inc., an independent oil and gas company with assets in Peru, has filed a voluntary petition in the United States Bankruptcy Court for the Southern District of Texas seeking relief under the provisions of Chapter 11 of Title 11 of the United States Bankruptcy Code. None of the company’s direct or indirect subsidiaries has […]
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The US Bankruptcy Court has approved the USD 78 million sale of Hanjin Shipping’s stake in terminal operator Total Terminals International (TTI) to Terminal Investment Limited (TIL), an affiliate of the Swiss Mediterranean Shipping Company (MSC), Reuters reports. The sale of Hanjin’s 54 percent stake in TTI, which operates container terminals at the Port of […]
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Emas Chiyoda Subsea, a subsea industry player, has filed a petition for bankruptcy protection at a U.S. court. The company, established in early 2016 through a merger between Ezra’s Emas AMC and Chiyoda, said on Tuesday it had, together with several subsidiaries, filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code […]
