International Shipholding (ISH)'s bankruptcy filing came after the company's effort to sell off its non-core fleet resulted in sales prices that were too low to pay off debt, the shipowner's top executive said in court papers.
Chief executive Erik Johnsen said the strategic plan focused on selling non-core assets has allowed ISH to reduce debt by $82.3m, but the Mobile-headquartered shipowner has been unable to refinance, to come into compliance with credit facilities or to generate enough liquidity.
"While
