Creditors, Watchdog Denied Estate Trustee In Eletson Ch. 11
By Emlyn Cameron · May 30, 2024, 6:42 PM EDT
Shipping company Eletson will retain control of its contentious reorganization after a New York bankruptcy judge shot down requests to name a Chapter 11 trustee and said that those vying for...
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.