Sobelmar Antwerp N.V., Sobelmar Shipping N.V. And Their Vessel Subsidiaries Commence Chapter 11 Reorganization Cases
Sobelmar To Continue To Operate in the Ordinary Course of Business
HARTFORD, Conn., March 17, 2015 /PRNewswire/ -- Sobelmar Antwerp N.V. (Sobelmar) announced today that Sobelmar and certain of its subsidiaries have commenced Chapter 11 reorganization proceedings in the United States Bankruptcy Court for the District of Connecticut (Hartford). The Company believes that the Chapter 11 process will facilitate restructuring, which is designed to restore the Company to long-term financial health.
According to a spokesperson for Sobelmar, "Even though Sobelmar remained current on its debt service until its vessel Lender recently imposed a very high penalty rate, it has become increasingly clear that, in light of the unwillingness of the Lender to work with Sobelmar on an out-of-court restructuring, Sobelmar needs the protection of Chapter 11 to ensure the uninterrupted operation of our vessels and services to our customers. While we are disappointed in the Lender's intransigence, we want to assure our customers and suppliers that Sobelmar will continue to operate in the ordinary course of business during our Chapter 11 proceedings and that we intend to emerge from Chapter 11 on a financially sound footing."
The Chapter 11 filings include the following companies and vessels: SBM-1 Inc. (Marshall Islands) owning M/V "Brasschaat", SBM-2 Inc. (Marshall Islands) owning M/V "Vyritsa", SBM-3 Inc. (Marshall Islands) owning M/V "Kovdor", SBM-4 Inc. (Marshall Islands) owning M/V "Zarachensk", and our two Belgian holding companies, Sobelmar Antwerp N.V. and Sobelmar Shipping N.V.
Sobelmar's principal legal advisor for the restructuring process and Chapter 11 proceedings is Bracewell & Giuliani LLP, with the Hamburg-based Falkenberg Law Office continuing to provide normal course corporate and maritime legal services. Sobelmar's financial advisor is Odinbrook Global Advisors LLC. For further information, please contact Evan Flaschen at Bracewell & Giuliani, +1.860.256.8537, [email protected].
SOURCE Sobelmar Antwerp N.V.
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