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

Share this article

Follow Subsea World News

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Subsea Expo 2018

The largest wholly-focused subsea event in Europe, Subsea Expo is organised by industry body Subsea UK…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >

European Gas Conference 2018

The European Gas Conference celebrated its tenth anniversary amid an air of increasing optimism following considerably shifting markets in the last few years…

read more >

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >