Eastwind Maritime deal calls for $2 million payment, rights transfer

By Caroline Salls

Pittsburgh, Oct. 8 – Eastwind Maritime, Inc. Chapter 7 trustee Salvatore LaMonica requested court approval of a stipulation that reduces three more than $56 million general unsecured claims filed by Tokyo Star Bank, Ltd. to $2 million, according to an Oct. 7 filing with the U.S. Bankruptcy Court for the Southern District of New York.

The claims were filed against each of the Adriatic Wind Ltd. estate, the Amundsen Wind Ltd. estate and the Azov Wind Ltd. estate.

LaMonica said Tokyo Star claimed that the Eastwind debtors were borrowers under a loan agreement with Tokyo Star and that Tokyo Star had a lien on a number of the debtors’ vessels.

Tokyo Star also alleged that Eastwind Maritime, was the guarantor for these borrowers.

Under the proposed settlement, the trustee agreed to pay Tokyo Star $2 million in full settlement of the claims.

In addition, any distributions to which Tokyo Star has a right in connection with its claims will be assigned to the trustee.

The stipulation will be presented to the court for approval on Oct. 27.

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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