In a statement issued Tuesday afternoon Sobelmar Antwerp told clients that the judge overseeing its Chapter 11 restructuring has approved its request for interim relief.
The debtor noted the ruling will keep creditors at bay. It also means the owner can pay employees and cover expenses incurred over the ordinary course of business.
“It is business as usual for our vendors, customers and charter parties,” the operator continued before pointing out that it is hoping for a “speedy emergence” from Chapter 11.
Sobelmar made TradeWinds headlines last week when it filed for bankruptcy in Connecticut. The move followed a falling out with HSH Nordbank, which is owned over $55m.
The operator claims relations soured after the German lender approached management with an opportunity to participate in an arrangement whereby distressed assets and debt would be bundled and sold as an investment product.
Managing director Vladimir Terechtchenko told the bankruptcy court where its petition was filed that HSH intended to package Sobelmar’s ships with what he described as "less attractive vessels in order to achieve an average quality acceptable to investors".
The executive claims that the lender threatened to “enforce its mortgages on the vessels” if the company resisted its advances. While attempts to reach an agreement continued in the weeks that followed the debtor ended up filing for bankruptcy on 17 March 2015.
Sobelmar, which opened its doors in 1997, is headquartered in Brasschaat where it oversees four handysize bulkers. The assets are owned by entities that sought bankruptcy protection on the same day as their parent and other affiliates.
