Shipping Co. Armada Files Ch. 15 Petition In NY

Law360, New York (January 8, 2009, 12:00 AM EST) -- Shipping company Armada (Singapore) Pte. Ltd. filed a petition asking a Manhattan bankruptcy court to protect its U.S. assets while the company reorganizes under Singapore law, after the worldwide financial crisis and the resulting evaporation of credit sources caused a collapse of the dry bulk markets in which the company operates.

Armada Singapore filed its Chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday, listing assets and liabilities both in the $100 million to $500 million range....
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