Outer Harbor Terminal U.S. Trustee seeks case conversion or dismissal

By Caroline Salls

Pittsburgh, July 14 – The U.S. Trustee overseeing Outer Harbor Terminal, LLC’s Chapter 11 case asked the U.S. Bankruptcy Court for the District of Delaware to either convert the case to Chapter 7 or dismiss it entirely, according to a motion filed Friday.

Acting Region 3 U.S. trustee Andrew R. Vara said “there is a substantial or continuing loss to or diminution of the estate.”

According to the seven most-recent monthly operating reports, Vara said the company’s cash on hand decreased each month, to $1.34 million from $5.14 million.

In addition, Vara said “there is no reasonable likelihood of rehabilitation.”

Vara said the company ceased operations more than a year ago, vacated the premises it had leased from the Port of Oakland, sold its equipment, filed a plan of liquidation and no longer has the means to reestablish its business.

A hearing is scheduled for Sept. 14.

Based in Oakland, Calif., Outer Harbor is a provider of container terminal operation and stevedore services at the Port of Oakland. The company filed for bankruptcy on Feb. 1, 2016 under Chapter 11 case number 16-10283.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.