Privately-held United Kingdom-based Toisa and 23 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 17-10184. The Company, which operates a diversified shipping business and owns a fleet of offshore oil support vessels, is represented by Albert Togut of Togut, Segal & Segal.
According to documents filed with the Court, “[T]he Debtors and their advisors anticipate that utilization and day rates for offshore support vessels will remain under pressure through the end of 2017 and then begin to improve as oil prices increase in 2018 and continue to climb through 2020. Due to the prolonged duration of the slump in oil prices as well as the sudden material decline in tanker rates during late summer of 2016, the Debtors’ began to experience significant cash flow pressure and projected that continued repayment of principle as scheduled would result in cash being exhausted by the middle of 2017.”
Toisa’s Chapter 11 petition indicates total assets of $1 to 10 billion. Read more Toisa bankruptcy news.