U.S. Shipping Partners L.P. will enter bankruptcy court on October 2nd, following the company’s April 29th Chapter 11 filing. There the court will implement company’s restructuring plan, which is supported by a majority of lenders and noteholders. The plan states that the company will issue $240 million in senior secured term notes bearing an interested rate of LIBOR plus 7.2% with a maturity of August 7, 2013. The company will also issue $60 million in junior notes bearing an interest rate of LIBOR plus 0.5%. The company expects to successfully exit Chapter 11 by the end of the month.
As of August 31, 2009, the U.S. Shipping Partners had total assets of approximately $424.7 million and total liabilities of approximately $512.6 million. Of those, approximately $493.8 million are liabilities subject to compromise.
Garrett W. McIntyre
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