International Shipholding approved to sell Oslo Wave for $3.3 million

By Caroline Salls

Pittsburgh, Jan. 31 – International Shipholding Corp. received court approval of the $3.3 million sale of its Oslo Wave vessel to Oslo Bulk Holding Pte. Ltd., according to an order filed Jan. 31 with the U.S. Bankruptcy Court for the Southern District of New York.

The court also declared Jan. 1 as the effective date of the sale and stayed the distribution of the sale proceeds until further order of the court. The bareboat charter for the vessel is also deemed rejected as of Jan. 1.

According to the motion, International Shipholding conferred with Capital One, NA, the secured lender with a pre-bankruptcy secured interest in the Oslo Wave, and with Seacor Capital Corp., the agent under the company’s post-bankruptcy facility, and offered each party the opportunity to credit bid for the vessel.

The company said both parties declined, and Seacor said it had no objection to the sale approved Tuesday. Capital One advised that so long as it receives not less than $3.3 million from the sale, it also has no objection.

International Shipholding said it intends to hold the proceeds from the sale in a segregated account, with the liens attaching to the proceeds pending further order of the court.

The order requires the sale to close no later than Feb. 28.

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

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