Law360, New York (May 04, 2012, 10:32 AM ET) -- An unlikely glut is stalling the shipping industry: too many ships. Still battered by the global economic crisis, the sector has suffered from sagging demand and plummeting rates. The toll can been seen in the recent tide of bankruptcy filings, including those of General Maritime, TBS International PLC and Marco Polo Seatrade BV.
Chapter 11 and the rejection power of Bankruptcy Code section 365 may provide relief, allowing shipping companies to escape burdensome leases and cull their fleets of underutilized vessels. But the agreements that calculate...
Will SLVs Hold Water In Shipping Bankruptcies?
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