Toisa Files for Chapter 11 Bankruptcy

Photo: Ulstein

Vessel owner Toisa Ltd. has filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court, Southern District of New York.

Reportedly, slowdown in the oil & gas and dry-bulk markets has left the company in debt of some USD 1 billion.

According to documents submitted to the Bankruptcy Court in Manhattan, Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oilfield service vessels, 13 tankers and seven bulk ships.

Toisa said it has been engaged in negotiations with its lenders, and while some agreed to work with the shipowner to help it through the difficult market, others were reluctant, so the company filed for bankruptcy to allow continued talks.

Albert Togut of Togut Segal & Lewis is representing Toisa in the bankruptcy and the case has been assigned to Judge Shelley C. Chapman.

The last news on Subsea World News concerning Toisa were about the construction of Ulstein-designed Toisa Patroklos and order of two multi-purpose offshore construction & ROV support vessels, to be delivered in mid-2017.

Subsea World News Staff

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