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International Shipholding Disclosure Statement Approved

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The U.S. Bankruptcy Court approved International Shipholding’s(ISH) Disclosure Statement and scheduled a February 16, 2017 hearing to consider its First Amended Joint Chapter 11 Plan of Reorganization.

According to documents filed with the Court. ” Holders of other priority claim shall receive payment full in cash; holders of other secured claims shall receive: (i) payment in full in cash, including interest, to the extent applicable; (ii) delivery of the collateral securing such allowed other secured claim; holders of secured regions facility claims shall receive(i) either (a) (x) its pro rata share of the proceeds generated from the disposition of the vessels or (y) delivery of the vessels plus (2) cash in an amount necessary to satisfy the secured regions facility claims; holders of secured capital one facility claims and holders of secured citizens facility claims shall receive in the event of any disposition of the collateral securing such claim, the proceeds generated by such disposition, or delivery of the collateral securing such claim to the holder of such claim; holders of secured DVB facility claims shall receive (i)either (x) payment in full in cash, including interest, to the extent applicable, (y) in the event of any disposition of the collateral securing such allowed secured DVB facility claim, its share of the proceeds generated by such disposition, or (z) delivery of the collateral securing such allowed secured DVB facility claim to the agent under the DVB facility claims.”

The Disclosure Statement notes, “On the Effective Date, Reorganized ISH shall be a private, non-reporting company, and the New Equity Interests shall not be registered or listed on any national securities exchange.”

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