Eletson Creditors Seek Over $1M Cut In Reed Smith Fees
By Emily Lever · May 13, 2024, 9:35 PM EDT
Unsecured creditors of shipping company Eletson Holdings have asked a New York bankruptcy judge to cut more than $1 million from the fees being sought by Eletson counsel Reed Smith LLP,...
Greek oil and gas shipper Eletson was forced into bankruptcy by a group of noteholders who said the company had stopped paying its debts. The creditors and the company have filed competing reorganization plans.
Case Number
23-bk-10322
Judge
Brendan L. Shannon
Venue
U.S. Bankruptcy Court for the Southern District of New York
Capital Structure
Total Liabilities:
Eletson and the petitioning creditors have given different debt estimates. Eletson estimates it has $182.6 million of debt that would at most be $502.8 million if the court upholds the unsecured noteholder claims. Claims filed in the case, including a number of disputed claims, listed in the creditors' competing Chapter 11 plan add up to over $776 million.