Eastwind Maritime trustee looks to sell vessel for $11 million

By Caroline Salls

Pittsburgh, Aug. 7 - Eastwind Maritime Inc.'s Chapter 7 trustee requested court approval of the $11 million sale of the company's vessel the Yucatan to Adventure Twelve SA, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

In addition, trustee Salvatore LaMonica requested court approval to schedule a public auction to sell the vessel if Adventure Twelve does not close on the proposed sale.

LaMonica is also seeking court approval to reject the vessel's charter agreement with Fednav International, Inc.

If an auction is held, Eastwind Maritime would offer to pay any stalking horse bidder a $100,000 break-up fee if it is not the high bidder.

Adventure Twelve is required to make a 10% deposit toward the proposed purchase price.

Eastwind Maritime, a Marshall Islands-based shipping company, filed for bankruptcy on June 24. Its Chapter 7 case number is 09-14014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.