TBS International requests court approval of $3.85 million ship sale

By Caroline Salls

Pittsburgh, March 12 - TBS International plc requested court approval of the proposed $3.85 million sale of debtor subsidiary Albemarle Maritime Corp.'s M.V. Mohawk Princess ship and related assets to NKD Maritime Ltd., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company said $3.85 million will be the net purchase price for the Mohawk.

According to the motion, the net purchase price reflects that, given the age of the Mohawk, the only buyers interested in purchasing her are only willing to pay scrap value.

NKD Maritime intends to scrap the Mohawk, the company said in the motion.

A hearing is scheduled for March 19.

TBS, a Dublin, Ireland-based transportation services company, filed for bankruptcy on Feb. 6. The Chapter 11 case number is 12-22224.

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