According to court documents, Sobelmar Antwerp (Sobelmar) of Belgium plans to pursue a Chapter 11 restructuring in Hartford, Connecticut.
In a statement the owner took aim at a lender that recently imposed what it described as a “high penalty”, presumably for the violation of loan covenants.
“Even though Sobelmar remained current on its debt service until its vessel Lender recently imposed a very high penalty rate, it has become increasingly clear that, in light of the unwillingness of the Lender to work with Sobelmar on an out-of-court restructuring, Sobelmar needs the protection of Chapter 11 to ensure the uninterrupted operation of our vessels and services to our customers,” it said.
“While we are disappointed in the Lender’s intransigence, we want to assure our customers and suppliers that Sobelmar will continue to operate in the ordinary course of business during our Chapter 11 proceedings and that we intend to emerge from Chapter 11 on a financially sound footing.”
Sobelmar noted affiliate Sobelmar Shipping and subsidiaries listed as the registered owners the group’s bulkers are pursuing Chapter 11 restructurings as well.
The operator appointed Bracewell & Giuliani as its principal legal advisor, but Falkenberg Law Office of Germany will continue to handle day-to-day legal matters. Odinbrook Global is identified as its financial advisor.
Sobelmar, which is based in Brasschaat where it oversees four handysize bulkers, has managed to keep a low profile since its inception in 1997.
According to today’s filing the company is controlled by Vladimir Terechtchenko. The remaining stakeholders include Liliia Pudovkina and Evgeny and Dmitry Pudovkin.
Sobelmar listed assets and liabilities of approximately $50m to $100m when it filed for bankruptcy protection in the District of Connecticut on Tuesday evening.
