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Another bulk-shipping line wins protection
By Chan Sue Ling |
January 7, 2009, Wednesday
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Print Edition
Print Edition
ARMADA (Singapore) Pte won court protection from creditors in the city state, becoming at least the fourth dry-bulk shipping line worldwide to seek legal defenses following a collapse in transport rates.
The company will convene a creditors meeting to vote on a restructuring plan, it said in an e-mailed statement yesterday, without providing a time frame. The shipping line is also filing a Chapter 15 petition in New York, it said, Bloomberg News reported.
Armada follows Atlas Shipping Group, Industrial Carriers Inc and Britannia Bulk Holdings Plc in seeking court protection after a 92-percent plunge in commodity shipping rates last year. Customers also defaulted on contracts as the global recession and a credit squeeze damped demand for shipments of iron ore, a key steelmaking ingredient.
"We have achieved the best possible solution during this global economic crisis to guarantee our return to financial health," Tommy Jensen Rathleff, Armada Singapore's managing director, said in the statement. "We expect to create a viable and sensible plan that will provide a fundamentally sound groundwork for our business activities on a long-term basis."
Armada has suffered defaults running into hundreds of millions of dollars, Lloyd's List said yesterday.
The shipping company has filed a total of 12 suits in New York courts over the last two months against a range of charterers, including Fortescue Metals Group Ltd, it added.
The company will convene a creditors meeting to vote on a restructuring plan, it said in an e-mailed statement yesterday, without providing a time frame. The shipping line is also filing a Chapter 15 petition in New York, it said, Bloomberg News reported.
Armada follows Atlas Shipping Group, Industrial Carriers Inc and Britannia Bulk Holdings Plc in seeking court protection after a 92-percent plunge in commodity shipping rates last year. Customers also defaulted on contracts as the global recession and a credit squeeze damped demand for shipments of iron ore, a key steelmaking ingredient.
"We have achieved the best possible solution during this global economic crisis to guarantee our return to financial health," Tommy Jensen Rathleff, Armada Singapore's managing director, said in the statement. "We expect to create a viable and sensible plan that will provide a fundamentally sound groundwork for our business activities on a long-term basis."
Armada has suffered defaults running into hundreds of millions of dollars, Lloyd's List said yesterday.
The shipping company has filed a total of 12 suits in New York courts over the last two months against a range of charterers, including Fortescue Metals Group Ltd, it added.
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