US Aircarft Carrier Leaves Red Sea as Houthis Pause Attacks
A US aircraft carrier strike group left the Red Sea for Europe weeks after Yemen’s Houthi rebel group said it will stop attacking vessels in the region.
U.S. Bankruptcy Judge Peter Walsh in Wilmington, Delaware, said today he would approve the loans after a group of Overseas’s lenders dropped their opposition to the financing.
“It’s been a bit of a journey to get here,” James L. Bromley, an attorney for Overseas withCleary Gottlieb Steen & Hamilton LLP, said in court.
The New York-based company filed for bankruptcy last year after global shipping rates fell and the company gave up trying to win a federal loan guarantee. Overseas listed assets of $4.15 billion and debt of $2.67 billion in a Chapter 11 filing.
The case is In re Overseas Shipholding Group Inc., 12- bk-20000, U.S. Bankruptcy Court, District of Delaware (Wilmington).
– By Steven Church, (c) 2013 Bloomberg
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