Category Archives: Bankruptcy Litigation
Most of the significant maritime bankruptcies of the last five years, including Hanjin and OW Bunkers, have utilized Chapter 15 of the United States Bankruptcy Code. Debtors have filed insolvency proceedings outside of the U.S., and then used Chapter 15 to assist those proceedings. Frequently, however, U.S. Bankruptcy Courts in Chapter 15 cases have… Read More »
Firm Principal Steve Simms recently outlined the circumstances leading up the collapse of the world’s seventh largest container line, which occurred just after the collapse of OW, one of the world’s largest bunker traders and providers. Many players in the maritime industry thought that both OW and Hanjin were unsinkable because they were simply… Read More »
Firm Principal Steve Simms recently explained the latest challenge facing the maritime industry – the insolvency of the world’s seventh largest container line, Hanjin. Following the arrest of the HANJIN PARADIP in Durban in May, 2016, many still believed that a Hanjin insolvency was impossible because they thought it was too big to fail…. Read More »
Firm Principal Steve Simms recently explained the latest challenge facing ship owners and charterers in the wake of the OW insolvency. By jumping on the ING bandwagon and attempting to avoid having to pay physical suppliers for their bunker supply, many owners and charterers have made a regrettable decision for which they just may… Read More »
South Korea’s largest container carrier – Hanjin Shipping – has just filed for receivership. Years of weak demand have negatively impacted the many maritime industries, including shipping. News of Hanjin’s situation follows reports that South Korean shipowner Hyundai Merchant Marine may avoid similar receivership after agreeing to become a subsidiary of lender Korea Development… Read More »
OW Bunker’s three U.S. entities (OW Bunker Holding, OW Bunker USA, and OW Bunker North America) filed for Chapter 11 bankruptcy protection yesterday (November 13) in the United States Bankruptcy Court for the District of Connecticut. The actual petitions can be downloaded here: OW Bunker Holding, OW Bunker USA, OW Bunker North America. The… Read More »
A recent TradeWinds article (available here in PDF format) discusses the race by bunker suppliers to get in front the rapidly evolving bankruptcy of OW Bunker. If you are an actual or potential creditor of OW Bunker or any of its subsidiaries around the globe, contact Steve Simms for assistance.