WILMINGTON, Del. Shipping company Toisa Ltd
filed for U.S. Chapter 11 bankruptcy as falling demand for the
Bermuda-chartered company’s oil-and-gas supply vessels left it
running short of cash, according to court documents.
Toisa, owned by Greek shipping magnate Gregory
Callimanopulos, has a global fleet of 26 offshore oil service
vessels, 13 tankers and seven bulk ships, according to documents
filed with the U.S. Bankruptcy Court in Manhattan.
The ship operator said it had more than $1 billion in debt
in court documents.
Oil prices have fallen by about half since 2014, and
offshore energy producers have responded by cutting back on
capital spending which has undermined demand for supply vessels.
Toisa said it has been in talks with lenders this month in
London, but sought bankruptcy after several lenders took action
on their loans, including seeking to seize the company’s ships,
according to court documents.
The energy downturn has hit many offshore oil service firms,
including Houston-based Hercules Offshore Inc which in June said
it planned to liquidate its drilling business.
Tidewater Inc, a New Orleans-based operator of
supply vessels, has been in negotiations for several months with
its lenders to amend it debt agreements.
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