Eastwind Maritime trustee seeks OK of settlement with Tokyo Star Bank

By Jim Witters

Wilmington, Del., Feb. 27 - Eastwind Maritime Inc.'s Chapter 7 trustee is seeking approval of a stipulated agreement with Tokyo Star Bank, Ltd., according to a Feb. 27 filing with the U.S. Bankruptcy Court for the Southern District of New York.

The agreement settles $56 million in claims the bank filed against the debtors' estates, said trustee Salvatore LaMonica.

LaMonica sought reimbursement of "necessary costs and expenses" for preserving the bank's property in the debtors' estates and has disputed certain components of the bank's unsecured claims.

The proposed stipulation provides that:

• The trustee will pay Tokyo Star $2 million;

• Tokyo Star will receive an allowed claim of $36 million; and

• After payment of the $2 million, all rights, title and interest to the Tokyo Star unsecured claims, the allowed claim and other rights and claims will be assigned to the trustee.

Any distributions made in connection with the bank's unsecured claims will go to the benefit of the Eastwind creditors.

A hearing on the proposed stipulation is scheduled for noon ET on March 22.

Eastwind Maritime, a Marshall Islands-based shipping company, filed for bankruptcy on June 24, 2009. Its Chapter 7 case number is 09-14014.

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