Sunday, August 2, 2009

Update Eastwind Bankruptcy

Tradewinds reports the details of the Eastwind Bankruptcy, as well as what took place 2 days prior.

... Nordea, Bank of Scotland and DnB NOR took over and sold several Eastwind Maritime ships as the New York owner spiralled toward bankruptcy, court documents show.

The just-filed documents show that two days before Eastwind filed for liquidation in a New York court, the banks declared the company in default and exercised share pledges giving them control of a number of Eastwind subsidiaries.

They sold the ships to two companies set up to buy them, Queensland Shipping and Fingal Shipping.

This was actually good management by the banks. There were companies already set up to buy and manage the ships. They took the ships, moved them into the new company, without (apparently) any disruption to the charterers. If this wasn't accomplished, they might have been subject to arrest, just as one of the remaining Eastwind ships is facing.

In separate development in the Eastwind case, LaMonica is asking Gropper to surrender the 470,000-cbf reefer fish carrier Anapa (built 1991) to its mortgage holder to prevent the cost of an impending arrest in Lagos, Nigeria.

click here for link to article

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