MAY 31, 2012 — Ship operator B+H Ocean Carriers Ltd. (OTC: BHODD.PK) has filed, along with several of its subsidiaries and related entities, for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The company said that it intends to restructure its balance sheet and emerge as a recapitalized shipowning business, continuing to specialize in the transportation of refined petroleum products and dry bulk commodities.
The company stated that going forward, its operations will continue as in the past, with no interruption of service. It also said that it has had ongoing discussions with several of its lenders regarding further cooperation and support during the reorganization. There continue to be challenges in the current market for freight rates and vessel values which, combined with the state of global ship finance, has made it exceedingly difficult to accomplish the recapitalization outside of a court-supervised reorganization.
B+H Ocean Carriers Ltd. owns, through subsidiaries, a fleet of four product-suitable Panamax combination carriers capable of transporting both wet and dry bulk cargoes and has a 50 percent interest in an additional combination carrier.