TMT Demands Release Of Ships From Secured Creditors

Law360, Houston (November 18, 2013, 11:10 PM EST) -- TMT Group asked a Texas bankruptcy judge on Monday to order the release of three of its ships seized around the globe by creditors, saying the company is incurring millions in port charges and a foreign government is threatening to auction two of the boats.

The shipping company argued in separate motions that U.S. Bankruptcy Judge Marvin Isgur should order Cathay United Bank Co. Ltd. and Mega International Commercial Bank Co. Ltd. to release the M.V. Fortune Elephant and the M.V. E Whale and allow TMT...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.