Marine Bankruptcies – U.S. Chapters 11 and 15

By Holland & Knight Marine Bankruptcy Team – Nancy Hengen, Jovi Tenev, Jim Hohenstein, Arthur Rosenberg, Francesca Morris

A U.S. or foreign company may reorganize its business as an ongoing concern under Chapter 11 of the U.S. Bankruptcy Code (in which it is called the “debtor”), and, if successful, it may emerge from the Chapter 11 proceeding with modified debts and other contracts. If not successful, the Chapter 11 reorganization will mutate into a proceeding in which the debtor liquidates and goes out of business. Chapter 11 is considered a relatively debtor-friendly process that allows existing corporate management to remain in charge of the debtor, preserves jobs for employees, and allows the debtor to renegotiate, affirm or reject executory contracts (e.g. contracts requiring future performance by both parties).  Chapter

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