Sea Change — Ch. 11 For Foreign Shippers

Law360, New York (November 3, 2011, 6:44 PM EDT) -- In recent months, U.S. bankruptcy filings — such as Omega Navigation Enterprises Inc. (filed July 8 in Houston) and Marco Polo Seatrade BV (filed July 29 in New York) — have caught the attention of the worldwide shipping community. It is no surprise that some shipping companies have sought bankruptcy protection resulting from financial distress. Rather, the cause for surprise is that non-U.S. shipping companies have sought protection in U.S. bankruptcy courts. High-profile secured creditors in these cases have contested the exercise of the jurisdiction of...
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