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International Shipholding Bankruptcy Plan Confirmed, Summarized

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The U.S. Bankruptcy Court confirmed International Shipholding’s (ISH) First Amended Modified Joint Chapter 11 Plan of Reorganization. The Plan provides for general unsecured claimholders to receive trust interests and a share of remaining cash; priority claimholders will be paid in full in cash.

As previously reported Seacor Capital will serve as the plan sponsor for the Company’s remaining business segments, as provided under a restructuring support agreement and associated term sheet between ISH and Seacor Capital. According to documents filed with the Court, “The RSA provided the Debtors with a valid and enforceable path forward for the Plan…for the reorganization of three of their four business segments and complemented the Sale Process…for the remaining business segment.”

The Disclosure Statement notes, “As of the Effective Date, the terms of the current members of the board of directors of each of the Debtors shall expire. The New Board of Reorganized ISH, which shall consist of at least 3 members, shall be selected by SEACOR….As of the Effective Date, the term of the current officers of each of the Debtors shall expire. The initial Chief Executive Officer of Reorganized ISH shall be selected by SEACOR.”

Visit BankrutpcyData for a detailed summary of ISH’s U.S. Bankruptcy Court-confirmed First Amended Modified Joint Chapter 11 Plan of Reorganization.