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Industrials

Bankruptcy Watch: U.S. Shipping Partners

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By Douglas A. McIntyre Published
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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