April 30, 2009
U.S. Shipping Partners files for Chapter 11
U.S. Shipping Partners, L.P. says that yesterday it filed voluntarily for relief to reduce and restructure its debts under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The bankruptcy filing was made with a "pre-arranged" restructuring plan that, it says, "will reduce its leverage and improve its liquidity."
The partnership says that the plan is supported by a substantial majority of its secured lenders and noteholders. It says the voluntary pre-arranged filing allows it "to continue its operations in the normal course through the financial restructuring process, providing uninterrupted service to its customers."