The US shipowner International Shipholding Corporation filed for bankruptcy relief under Chapter 11 in the United States Bankruptcy Court in New York. The company has entered into a debtor-in-possession 16 million USD credit facility, but intends to continue operations in normal course of business without interruption. International Shipholding Corporation filled the bankruptcy relief of first-day motions, asking the United States Bankruptcy Court to approve the payment of wages, salaries and other employee benefits during the Chapter 11 process, as well as payments to certain critical vendors and foreign vendors. During the Chapter 11 process, all the company’s suppliers will be paid in full for all goods and services provided after the filing date as required by the Bankruptcy Code.
“Today, we took a critical step toward right-sizing the Company’s balance sheet. While the company is facing challenges with its debt and capital structure, we believe our core business segments are performing satisfactorily. During the Chapter 11 process we look forward to continuing to provide our customers the same high quality, reliable shipping services they’ve come to consistently expect from us”, said the CEO of International Shipholding Corporation, Erik Johnsen.
International Shipholding Corporation was found in 1947 headquartered in New York. The company has a fleet made up of car carriers, bulk carriers, barges, rail ferries, MPPs, tankers and container carriers. International Shipholding Corporation has offices in Mobile, New York, Shanghai and Tampa.