International Shipholding Files For Chapter 11 Relief
Image Courtesy: International ShipholdingUS-based shipping company International Shipholding Corporation (ISH) has, along with some of its subsidiaries, filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York.
To facilitate the Chapter 11 process, the company has entered into a debtor-in-possession USD 16 million credit facility, which may be used to fund International Shipholding Corporation’s working capital needs while in Chapter 11.
The company said that it intends to continue operating in the normal course of business without interruption at the moment.
“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,” Erik L. Johnsen, President and CEO, said.
The company filed a series of first-day motions with the United States Bankruptcy Court to allow it to continue to operate in the ordinary course of business.
