International Shipholding Corporation ("ISH" or the "Company") today announced that it has received the necessary approvals from the U.S. Department of Transportation Maritime Administration thereby satisfying certain conditions precedent to the eﬀectiveness of the First Amended Modiﬁed Joint Plan of Reorganization (the "Plan of Reorganization"), which was conﬁrmed by the United States Bankruptcy Court for the Southern District of New York on March 2, 2017. The Company will emerge from bankruptcy as a subsidiary of SEACOR Holdings Inc. ("SEACOR") (NYSE: CKH) following the satisfaction of the remaining conditions to eﬀectiveness and on a date to be speciﬁed by the Company (as deﬁned in the Plan of Reorganization, the "Eﬀective Date"). The Company (in consultation with SEACOR) is currently targeting the occurrence of the Eﬀective Date on or prior to July 3, 2017.
"This has been a long and challenging process. We are most thankful for the support of our dedicated employees, customers, and suppliers during this transition. That support has been integral to the signiﬁcant progress made towards a successful outcome of the Chapter 11 process," said President and CEO, Erik L. Johnsen. "Through the leadership and capabilities of SEACOR, upon emergence from bankruptcy International Shipholding will emerge as a stable, well-capitalized business with a bright future."
"Today marks the achievement of an important step towards a restructuring transaction that will allow the Company to move forward with a solid ﬁnancial and operational foundation under the SEACOR umbrella of companies," said SEACOR Holdings Inc. Chief Operating Oﬃcer, Eric Fabrikant. "The combination of ISH's longstanding history of excellent customer service and SEACOR's ﬁnancial resources will ensure continued growth and success at International Shipholding."
Additional information about the Company's restructuring and the Plan of Reorganization may be obtained by visiting https://cases.primeclerk.com/ish.
The products and services herein described in this press release are not endorsed by The Maritime Executive.