Ship Seizures Push TMT Group Into Bankruptcy

Law360, Chicago (June 21, 2013, 2:12 PM EDT) -- Taiwanese shipping firm TMT Group docked in Texas bankruptcy court Thursday, hoping to get out from under $800 million of bank debt after nearly half its fleet was seized by creditors in ports across the globe.

Houston-based TMT — owned by Taiwanese shipping magnate Nobu Su — listed $1.5 billion in assets against $1.46 billion of debt in its Chapter 11 petition.

The company is without seven of its 17 vessels, which are being held in ports from Antwerp to China by bank lenders, vendors and...
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