Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Transportation

Nautilus Holdings Chapter 11 Petition Filed

Privately-held Nautilus Holdings and 20 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 14-22885. The Company, which owns container ships engaged in the seaborne transportation of containers worldwide, is represented by Jay M. Goffman of Skadden, Arps, Slate, Meagher & Flom. According to documents filed with the Court, “The Debtors’ business has experienced significant pressure as a result of the expiration of several existing long-term charter contracts with rates higher than current charter rates which reflect a depressed market for container vessels. The Debtors…commenced these chapter 11 cases, which will afford a centralized forum for the collective restructuring of the Debtors’ various loan obligations. They also did so in order to avoid possible precipitous action by certain lenders, which could have resulted in an ad hoc, piecemeal exercise of remedies that would have jeopardized enterprise value, including a potential loss of the Debtors’ significant cash reserves.” Nautilus Holdings indicated total assets greater than $500 million on its Chapter 11 petition.

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