No Surprise Whatsoever

Yesterday, U.S. Shipping Partners voluntarily filed for relief to reduce and restructure its debts in a “pre-arranged” filing under Chapter XI of the U.S. Bankruptcy Code. The filing incorporates a “pre-arranged” restructuring plan that will reduce its leverage and improve its liquidity and is supported by the holders of more than 2/3 of its first and second lien debt. Under this filing, the company continues to operate in the normal course through the financial restructuring process, thereby providing uninterrupted service to its customers.

The plan reduces US Shipping’s debt by, among other things, converting $100mm of 2nd lien debt

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