TMT Creditor Seeks Bankruptcy Court's Nod To Sell Ship

Law360, Houston (November 26, 2013, 9:23 PM EST) -- A major creditor of TMT Group asked a Texas bankruptcy judge Tuesday for permission to foreclose on a $40 million mortgage it holds on one of the shipping giant’s vessels, saying that TMT’s mismanagement is putting the boat at risk.

Mega International Commercial Bank Co. Ltd. argued in a motion filed in TMT’s Chapter 11 case that it should be relieved from the automatic bankruptcy stay so it can take possession of and sell off the M/V A Ladybug, which the bank says TMT has allowed...
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