Shipper TBS Docks In Ch. 11 With $43M DIP Deal

Law360, New York (February 7, 2012, 2:04 PM EST) -- Ocean shipper TBS International PLC filed for bankruptcy in New York on Monday, citing weak cargo demand and a glut of tankers afloat, but it said bank lenders agreed to keep it above the waves with $42.8 million in debtor financing.

Subject to the approval of Bankruptcy Judge Robert D. Drain, the Dublin, Ireland-based TBS International and 72 affiliated debtors said they would get the support from Bank of America, DVB Bank, Toronto Dominion Bank and Credit Suisse — money that allows for its "future viability."...
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