Toisa files reorganization plan; disclosure statement hearing Oct. 12

By Caroline Salls

Pittsburgh, Aug. 16 – Toisa Ltd. filed its plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court for the Southern District of New York.

According to the disclosure statement, the plan is designed to provide the reorganized company with a capital structure supported by cash flows from operations, proposed transactions, and a substantial working capital infusion from a Newbuild tanker purchaser and Oceangoing equity purchaser.

Under the plan, holders of administrative claims and other priority claims will be paid in full in cash.

Priority tax claims will be reinstated.

Holders of credit facility claims and Toisa Offshore secured claims will receive a share of amended loans, with an extended maturity of five years from the plan effective date.

Holders of general unsecured claims will be paid in full in cash.

Intercompany claims, interests in Toisa and intercompany interests in other debtors will be reinstated.

The disclosure statement hearing is scheduled for Oct. 12.

Toisa is a Hamilton, Bermuda-based shipping business. The company filed for bankruptcy on Jan. 29, 2017 under Chapter 11 case number 17-10184.

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