Eastwind Maritime trustee to make final distribution and close estate

By Caroline Salls

Pittsburgh, Nov. 10 – The firm representing Eastwind Maritime Inc. Chapter 7 trustee Salvatore LaMonica said the trustee “has decided to proceed with the final distribution in the EMI estate and with the closure of the EMI estate,” according to a status report filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

Jacqulyn S. Loftin of LaMonica Herbst & Maniscalco, LLP said the trustee has liquidated all of Eastwind’s assets except for its remaining stock in the rehabilitated company of Daewoo Logistic Corp.

Following talks with KLC Kennic Lui & Co. Ltd., and after due diligence performed by KLC regarding the valuation of the Daewoo stock, Loftin said KLC “advised the trustee that it is highly unlikely that the Daewoo stock can be monetized and liquidated for the benefit of the estate’s creditors.”

As a result, the trustee has decided not to move forward with the liquidation of the stock.

To date, Loftin said general unsecured creditors have received a 12% distribution, although the expected distribution at the outset of the bankruptcy cases was only 3% to 5%.

A status conference is scheduled for Nov. 15.

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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