According to court documents, Sobelmar Antwerp (Sobelmar) of Belgium plans to pursue a Chapter 11 restructuring in Hartford, Connecticut.
In a statement the owner took aim at a lender that recently imposed what it described as a “high penalty”, presumably for the violation of loan covenants.
“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,” it said.
“While
