United Journey Tanker Released after 2-Month Arrest

Operator of offshore support vessels Toisa Ltd. has regained control of its crude oil tanker United Journey which was arrested in the Caribbean Netherlands on December 24, 2016.

The 2010-built tanker was released from custody following a negotiated court order with Citibank N.A., which seized the vessel late last year.

United Journey, which has been idled in Sint Eustatius, Bonaire ever since, is scheduled to resume full operations as soon as possible, according to Toisa.

The cargo which was on board the 112,723 dwt tanker at the time of the arrest was transferred to another ship.

Toisa Ltd. is currently in the mid of financial restructuring talks with its stakeholders after it, together with 23 of its affiliated vessel-owning companies, last month filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The company took this action following a prolonged slump in global oil prices, among other factors, and its effect on the offshore business.

In addition to United Journey’s return, the court order included provisions for the consensual use of Citibank’s cash collateral by the company.

Toisa, which is continuing to work with the lender steering committee on a consensual debt restructuring, informed that all of its 46 vessels are now free to undertake business already contracted and available to enter into additional contracts.

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