ISH to emerge from bankruptcy as Seacor subsidiary – WorkBoat (blog)

International Shipholding Corp. (ISH) expects to emerge from bankruptcy as a Seacor Holdings Inc. subsidiary by July 3.

ISH said it has received the OKs from the U.S. Maritime Administration required under its reorganization plan.

This has been a long and challenging process, said ISH CEO Erik Johnsen, noting his company would exit Chapter 11 as a stable, well-capitalized business with a bright future.

The combination of ISHs longstanding history of excellent customer service and Seacors financial resources will ensure continued growth and success at ISH, said Eric Fabrikant, chief operating officer of Seacor, which just spun off Houma, La.-based Seacor Marine Holdings Inc., its OSV fleet trading under SMHI.

ISHs restructuring includes the issuance of new equity to Fort Lauderdale, Fla.-based Seacor in exchange for $10.5 million cash and the conversion of $18.1 million in outstanding debtor-in-possession financing claims to equity. In addition, theres $25 million in a new senior debt exit facility, much of which will be used to satisfy creditor claims, and the sale of its pure car/truck carriers to NYK Group Americas Inc.

New Orleans-based ISH, founded in 1947 as Central Gulf Steamship Corp., filed for bankruptcy protection Aug. 1, 2016 after trying to shed assets and negotiate with lenders. The company, which operated 21 U.S. and foreign-flag vessels, listed assets of $305.1 million and total debts of $226.8 million.

View post:

ISH to emerge from bankruptcy as Seacor subsidiary - WorkBoat (blog)