Wednesday, June 24, 2009

Eastwind Maritime files Chapter 7 Bankruptcy

Chapter 7 bankruptcy is liquidation of the company, not reorganization.

Eastwind had a deal with Chiquita

The corporation listed assets and liabilities in the range of $500 million to $1 billion. Related affiliates include Kura Shipping Ltd and Probulk Inc.

Eastwind Maritime entered a deal with Chiquita Brands International Inc (CQB.N) in May, 2007, in which Chiquita sold 12 refrigerated cargo vessels to Eastwind for $227 million, then leased them back. The vessels transported about 70 percent of Chiquita bananas shipped to core markets in Europe and North America.

click here for Reuters article

This, from the Eastwind Maritime web-site

Eastwind Maritime Inc. Files Chapter 7

Eastwind Maritime Inc., a Marshall Islands domiciled shipping company, today filed a voluntary Chapter 7 petition for liquidation of the company and most of its subsidiaries in the U.S. Bankruptcy Court of the Southern District of New York. An estate administrator is expected to be appointed by the Court shortly.

Press and Media Contact:

Richard M. Lemanski
Tel: +1 (212) 838-1113

Guess I need to start a list of shipping companies which have been liquidated.

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