What Happens When the Cash Runs Out?

CONSIDERATIONS FOR CREDITORS & SHIPOWNERS FACED WITH INSOLVENCY1

By Nick Hanna, Watson, Farley & Williams

It is happening all around us: Companies that own ships are staring at poor balance sheets and wondering what to do. For some, they have to restructure their debt positions with their creditors or face the real prospect of insolvency.

The purpose of this article is to provide a general overview of the sometimes tricky path of restructuring and insolvency, bearing in mind the particular nuance about shipping companies, i.e. the vessels they own are themselves exposed to direct “attachment” by certain

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