International Shipholding’s First Amended Modified Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on March 2, 2017.
BankruptcyData’s detailed Plan Summary notes, “The Plan and the Restructuring Support Agreement between the Debtors and SEACOR Capital determined that the way to best preserve and maximize the value of the Debtors’ estates was a two-pronged approach: The Debtors would execute a sale process for one of its four business segments, and propose the Plan, with SEACOR, to reorganize the remaining business segments. The Court approved the Sale Motion for the Specialty Business Segment to the Stalking Horse Purchaser for the purchase price of $24.5 million.”
The Plan Summary continues, “The Liquidation Analysis for Reorganized International Shipbuilding estimates the Net Liquidation Proceeds Available for Distribution to be between $46.9 million and $87.6 million. The recovery rate to the Secured Claims is estimated to be between 12% and 48%. The recovery rate to General Unsecured Claims is estimated to be zero.”
The Company emerges from bankruptcy as a subsidiary of SEACOR Holdings. This cargo transportation provider filed for Chapter 11 protection on August 1, 2016, listing $346 million in pre-petition assets.
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