Tag: bankruptcy

Bed Bath & Beyond (BBB) is suing Orient Overseas Container Line (OOCL) for $31.7 million dollars, claiming the carriers willfully abandoned service in order to earn massive profits.

Bloomberg recently reported that McDermott International Inc. is preparing to file for bankruptcy as soon as next week in order to address its more than $4 billion debt load. It is said that the Baupost Group and HPS Investment Partners may provide a bankruptcy loan of about $2 billion.

US court documents reveal that the former Directors and Officers of the Aegean Marine Petroleum Network Inc face a US $300 million lawsuit, after allegations that they took advantage of the company's cash and assets and contributed to its bankruptcy.

Ireland's historic shipyard Harland and Wolff, which is known for building Titanic, is about to go into bankruptcy, ending a shipbuilding tradition of centuries in Belfast. The Irish shipbuilder, which dates back to 1861, filed for insolvency at the High Court in Belfast.

Weatherford International Plc, an oilfield services provider, announced on Friday, May 10, that they will file for Chapter 11 bankruptcy protection, in light of its heavy debt load and years of losses, Reuters reports. The company noted that it will continue its service towards to its customers and other partners.

Marine fuel logistics company Aegean Marine Petroleum Network has emerged from the voluntary Chapter 11 restructuring after its plan of reorganization became effective. The company will now operate under the name of 'Minerva Bunkering', a fully-owned subsidiary of Mercuria Energy Group Limited (Mercuria).

Aegean Marine Petroleum, a marine fuel logistics company, published a statement according to which its re-organization plan has been approved by the US Bankruptcy Court for the Southern District of New York. This development leads the way for the Company to emerge from Chapter 11 restructuring as a wholly-owned subsidiary of Mercuria Energy Group Limited.

Following announcement that it is looking at the possible acquisition of Hanjin Heavy Industries and Construction Philippines’ (HHIC-Philippines) assets, Manila-based terminal operator International Container Terminal Services, Inc. (ICTSI) now revealed plans to turn it into a multipurpose facility, but not shipbuilding. 

The President of Philippines, Rodrigo Duterte, is open to a government takeover of the recently-bankrupted Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), according to Defense Secretary Delfin Lorenzana, driven mostly by concerns to save thousands of Filipino jobs.

Aegean announced that the US Bankruptcy Court for the Southern District of New York approved its final motion regarding the $535 million in aggregate Debtor-in-Possession financing from Mercuria Energy Group. In the beginning of November, Aegean had filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.