Seacor Makes Pitch To Buy US Shipping In Ch. 11

Law360, New York (September 25, 2009, 6:25 PM EDT) -- Bond investor Seacor Holdings Inc. has objected to a reorganization proposal pitched by bankrupt petroleum tanker firm U.S. Shipping Partners LP proposing to emerge from Chapter 11 protection by cutting down secured debt, contending that creditors would see more benefit if Seacor were allowed to take over the company.

Charles Fabrikant, chairman and CEO of Seacor, filed a letter objection to U.S. Shipping’s proposed plan Friday in the U.S. Bankruptcy Court for the Southern District of New York stating that U.S. Shipping could save as much...
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