Among the industries buffeted by the recent economic downturn, international shipping companies have been especially hard hit by the worldwide decline in demand for goods, rising oil prices and an oversupply of ocean going vessels. Searching for a safe port to weather the storm, a number of maritime shippersincluding Overseas Shipholding Group, General Maritime Corporation, and Omega Navigation Enterpriseshave filed for relief under Chapter 11 or Chapter 15 of the U.S. Bankruptcy Code seeking to avail themselves of the benefits and protections that the Bankruptcy Code provides.
Considerations and Strategies
Since the multinational scope of many shipping companies necessitates overseas operations and dependence on worldwide vendors, the U.S. insolvency regime is particularly well-suited to restructure an international shipping company.
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