THE US Bankruptcy Court has
appointed Clarksons to sell off Toisa Ltd's entire commercial
shipping fleet owned by Greek shipping magnate Gregory
Callimanopulos.
Toisa Ltd 23 of its
affiliated vessel-owning companies filed for Chapter 11 in the Southern
District of New York Bankruptcy Court in January last year. In May, it
was hit with a US$304.5 million tax claim by the US government.
The company put forward a
restructuring proposal to creditors in August last year, which is ongoing
despite the fleet sell-off, reports Singapore's Splash 247.
The vessels up for sale are made up
of seven
Chinese-built kamasarmax bulkers, five suezmax tankers and eight
other tankers of various sizes. Six additional tankers under
construction at Cosco Yangzhou are also listed for sale.
"We will be circulating email
notices with details of dates and locations of when individual vessels will be
inspectable and advising on the sale process timeline," Clarksons said in
a circular, adding that all bids must be firm and unconditional, and not
subject to any financing or other contingencies.
The vessels for sale are bulkers Trade
Quest, Trade Spirit, Trade Prosperity, Trade Resource, Trade Unity, Trade
Vision, Trade Will as well as tankers United Dynamic, United Emblem,
United Kalavryta, United Leadership, United Seas, United Fortitude, United
Grace, United Honor, United Journey, United Ambassador, United Banner and
United
Carrier. The newbuildings for resale are tankers United Oceans, United Paragon,
Pericles GC, United Mariner, United Nomad and Nikos Kazantzakis. All
are due for delivery this year.
It is not yet clear whether the
offshore fleet has also been put up for sale.
Source : HKSG.
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