Posted:
November 19, 2009
U.S. Shipping Corp., formerly U.S. Shipping Partners, announced its successful emergence from Chapter 11 bankruptcy protection late last week.
The firm's new board of directors appointed Joseph Gehegan, former operations chief, as president and CEO. "U.S. Shipping Corp. accomplished the goals we set out at the beginning of this process: maintain business as usual through the reorganization, reduce our debt and emerge in an expedited manner with a sustainable capital structure," Gehegan said in a statement. The announcement comes seven months after the company announced it was seeking Chapter 11 protection and one month after a federal bankruptcy judge approved a reorganization plan.
The U.S. Shipping fleet remained in operation during the voluntary pre-arranged bankruptcy. The company's fleet consists of four integrated tug/barge units, three chemical parcel tankers, one product tanker and four articulated tug/barge units. American Maritime Officers represents all licensed officers in the U.S. Shipping fleet.
U.S. Shipping emerges from bankruptcy
U.S. Shipping Corp., formerly U.S. Shipping Partners, announced its successful emergence from Chapter 11 bankruptcy protection late last week.
The firm's new board of directors appointed Joseph Gehegan, former operations chief, as president and CEO. "U.S. Shipping Corp. accomplished the goals we set out at the beginning of this process: maintain business as usual through the reorganization, reduce our debt and emerge in an expedited manner with a sustainable capital structure," Gehegan said in a statement. The announcement comes seven months after the company announced it was seeking Chapter 11 protection and one month after a federal bankruptcy judge approved a reorganization plan.
The U.S. Shipping fleet remained in operation during the voluntary pre-arranged bankruptcy. The company's fleet consists of four integrated tug/barge units, three chemical parcel tankers, one product tanker and four articulated tug/barge units. American Maritime Officers represents all licensed officers in the U.S. Shipping fleet.