Eastwind Maritime Drifts Into Ch. 7

Law360, New York (June 24, 2009, 12:00 AM EDT) -- Battered by hard times and averse to restructuring, Marshall Islands-based shipping company Eastwind Maritime Inc., which recently was one of Chiquita Brands International Inc. main shippers, has filed for Chapter 7 liquidation alongside an armada of subsidiaries.

Eastwind filed the petition Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, but offered scant detail on the company’s demise or its decision to turn toward Chapter 7 and abandon ship to liquidation.

The shipping company estimated both its assets and liabilities to be...
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