International Shipholding Sale Approval Sought


International Shipholding filed with the U.S. Bankruptcy Court an expedited motion for entry of an order authorizing the Debtors to (i) consummate the sale of the vessel the Green Dale, (ii) reject the Time Charter and (iii) pay Jacq. Pierot Jr. & Sons, and H Clarkson & Company limited compensation for professional services rendered and reimbursement of actual and necessary expenses incurred.

The motion explains, “By this motion, the Debtors seek the authority to sell their vessel, the Green Dale (IMO: 9181376). The Debtors have made significant progress toward bringing these chapter 11 cases to a successful resolution, including the implementation of a competitive sale process for one segment of their business (the ‘Specialty Business Sale’) and the confirmation of a chapter 11 plan reorganization (the ‘Plan’) for the remaining business segments.”

In addition, “The Debtors’ confirmed Plan provides for the sale of assets, including the Green Dale, which is pledged to Citizens Asset Finance, (f/k/a RBS Asset Finance) (‘Citizens’). As the result of ongoing marketing efforts related to this anticipated disposition of the Green Dale, the Debtors have obtained an offer from Sallaum Lines SAL (the ‘Buyer’) to purchase the Green Dale for $6.8 million. The Debtors believe that the immediate sale of the Green Dale pursuant to this offer is in the best interests of their estates, and is entirely consistent with the terms of their confirmed Plan.”

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