Shipping Bankruptcy Update
December 16, 2009
James "Jim" Hohenstein- New York
Francesca Morris- New York
Arthur E. Rosenberg- New York
Several major shipping bankruptcy cases have recently been filed or are continuing in bankruptcy courts of New York. This Shipping Bankruptcy Update provides important filings and deadlines. If you need advice or further information regarding these or other bankruptcy cases, please contact our team.
Global Container Lines
- On November 10, 2009, Global Container Lines Limited (GCL) filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the Eastern District of New York.
- The following GCL companies have filed for protection and their cases have been consolidated for procedural purposes only: Global Container Lines, Ltd.; Shiptrade, Inc.; GCL Shipping Corp.; Redstone Shipping Corp.; Gilmore Shipping Corp.; Global Progress LLC; and Global Prosperity LLC.
- A meeting of creditors under Section 341(a) of the Bankruptcy Code is scheduled for December 18, 2009.
Eastwind
- A bankruptcy proceeding under Chapter 7 of the Bankruptcy Code was filed in the Southern District of New York for various Eastwind companies on June 23, 2009, and thereafter, and the cases for approximately 73 Eastwind companies were procedurally consolidated. Forty-nine Eastwind companies remain as debtors in the consolidated case, as to date, the bankruptcy cases have been dismissed with respect to 24 Eastwind debtors.
- The trustee has provided the Bankruptcy Court with notice that certain remaining debtor companies are expected to have assets and the court is in the process of sending notices of the bar date to all known creditors.
- Proofs of claim for the remaining debtor companies must be filed with the Bankruptcy Court on or before February 4, 2010.
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