New chapter opens in shipping bankruptcies

摘要

Us shipping Partners (USS) filed for Chapter 11 protection last week, unveiling a'pre-pack'restructuring plan that has the blessing of most of its debt holders.rnSeveral shipping companies have obtained non-US bankruptcy protection and then secured a supplementary Chapter 15 shield in America, but this is the first instance of a shipowner filing for a primary Chapter 11 regime in the current downturn.rnSome market sources have voiced surprise that more Chapter 11s have not emerged already. Others, particularly consultants lobbying for restructuring contracts, arernpublicly advocating a sector-wide embrace of the court-protected, restructuring formula being pursued by USS.