International Shipholding asks court for 91-day exclusivity extension

By Caroline Salls

Pittsburgh, Nov. 28 – International Shipholding Corp. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, International Shipholding is seeking a 91-day extension of its exclusive filing period through Feb. 27 and an extension of the solicitation period through April 28.

As previously reported, the company filed a plan and related disclosure statement on Nov. 14, and the court entered orders approving International Shipholding’s entry into a restructuring support agreement and the launch of an auction process.

“The debtors believe that allowing all interested parties, including the debtors, to focus solely on the pending plan and disclosure statement will allow parties to resolve any open concerns, thus increasing the likelihood of a smooth, consensual solicitation and confirmation process,” the motion said.

A hearing is scheduled for Dec. 13.

Mobile, Ala.-based International Shipholding provides maritime transportation services through its subsidiaries. The company filed bankruptcy on Aug. 31 under Chapter 11 case number 16-12220.

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