US Shipping Partners' Ch. 11 Plan Wins Judge's OK

Law360 (October 1, 2009, 6:12 PM EDT) -- Despite initial objections from the committee of unsecured creditors and bond investor Seacor Holdings Inc., a judge on Thursday signed off on a restructuring plan for bankrupt oil tanker company U.S. Shipping Partners LP, putting the company on a path to emerge from Chapter 11 protection under the name U.S. Shipping Corp.

Judge Robert D. Drain issued an order in the U.S. Bankruptcy Court for the Southern District of New York confirming the plan, which provides for U.S. Shipping to wipe away at least $155 million in debt and emerge wholly under the ownership of its lenders.

The plan, which was...

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