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The End Becomes a New Beginning Again – TBS Files

Last week TBS International, with the support of its lenders, filed a pre-packaged Chapter 11 plan of reorganization and has obtained most importantly DIP financing of $42.8 million from its existing lenders, Bank of America, DVB Bank, Toronto Dominion Bank and Credit Suisse. Under the plan the company will restructure its secured debt and pay in full the allowed claims of unsecured creditors. The plan is expected to be approved within 60 days. Under the terms of the agreement, all of the company’s operating subsidiaries will be transferred to a new entity that will be principally owned by the lenders, effectively wiping out the existing equity.

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