Bankrupt TMT Can Seek Release Of Creditor-Seized Ships

Law360, Houston (December 6, 2013, 6:07 PM EST) -- A Texas bankruptcy judge said Thursday that TMT Group could seek the release of three of its ships seized by bank creditors around the world, on the condition that it finalize plans to hire commercial and technical fleet managers to take control of the boats.

U.S. District Judge Marvin Isgur approved TMT’s request to use cash collateral held by Cathay United Bank Co. Ltd. and Mega International Commercial Bank Co. Ltd. to pay off port charges and other debt associated with the M.V. Fortune Elephant, the...
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