Sobelmar Antwerp files Chapter 11 bankruptcy, cites lender roadblocks

By Caroline Salls

Pittsburgh, March 18 – Sobelmar Antwerp NV and some of its subsidiaries filed Chapter 11 bankruptcy on Tuesday in the U.S. Bankruptcy Court for the District of Connecticut to complete a restructuring designed to restore the company to long-term financial health, according to a news release.

“Even though Sobelmar remained current on its debt service until its vessel lender recently imposed a very high penalty rate, it has become increasingly clear that, in light of the unwillingness of the lender to work with Sobelmar on an out-of-court restructuring, Sobelmar needs the protection of Chapter 11 to ensure the uninterrupted operation of our vessels and services to our customers,” a company spokesman said in the release.

“While we are disappointed in the lender’s intransigence, we want to assure our customers and suppliers that Sobelmar will continue to operate in the ordinary course of business during our Chapter 11 proceedings and that we intend to emerge from Chapter 11 on a financially sound footing.”

Sobelmar requested court approval to use cash collateral in which lender HSH Nordbank AG may assert an interest to fund its operations while in bankruptcy.

According to court documents, Sobelmar has $50 million to $100 million in both assets and debt.

The company did not list any unsecured creditors with claims of $1 million or more.

Vladimir Terechtchenko owns 50.2% of the company’s equity interests, Liliia Pudovkina owns 25%, Evgeny Pudovkin owns 12.4% and Dmitry Pudovkin owns 12.4%.

The vessels covered by the Chapter 11 filings are SBM-1 Inc.’s M/V Brasschaat, SBM-2 Inc.’s M/V Vyritsa, SBM-3 Inc.’s M/V Kovdor, SBM-4 Inc.’s M/V Zarachensk. The filing also includes Belgian holding companies Sobelmar Antwerp NV and Sobelmar Shipping NV.

Sobelmar’s principal legal adviser for the restructuring process and Chapter 11 proceedings is Bracewell & Giuliani LLP, with the Hamburg-based Falkenberg Law Office continuing to provide normal course corporate and maritime legal services. Sobelmar’s financial adviser is Odinbrook Global Advisors LLC.

Sobelmar is a Brasschaat, Belgium-based worldwide seaborne transportation services company. The Chapter 11 case number is 15-20423.

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