Shipper TBS Cleared To Set Sail With Ch. 11 Plan

Law360, Wilmington (March 29, 2012, 2:47 PM EDT) -- Less than two months after docking in New York bankruptcy court, ocean shipper TBS International PLC on Wednesday won approval of its reorganization plan, which hands ownership of its operating subsidiaries to bank lenders in return for more favorable loans.

The Dublin-based company said in a statement that it expects to set sail from Chapter 11 soon and, upon emergence, will have trimmed $100 million in debt from its balance sheet since Sept. 30.

"We look forward to renewing our focus on growing and managing our...
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