{"id":250044,"date":"2024-11-20T15:10:57","date_gmt":"2024-11-20T13:10:57","guid":{"rendered":"https:\/\/maritimes.gr\/?p=250044"},"modified":"2024-11-20T15:10:57","modified_gmt":"2024-11-20T13:10:57","slug":"eletson-emerges-from-chapter-11-process","status":"publish","type":"post","link":"https:\/\/maritimes.gr\/en\/eletson-emerges-from-chapter-11-process\/","title":{"rendered":"Eletson Emerges from Chapter 11 Process"},"content":{"rendered":"<p>NEW YORK&#8211;(BUSINESS WIRE)&#8211;Eletson Holdings Inc. (\u201cEletson\u201d or the \u201cCompany\u201d), an international seaborne transportation company, announced today that it has successfully completed its financial restructuring and emerged from Chapter 11 protection, marking a new beginning with new leadership, new financial resources and no debt.<\/p>\n<p>Eletson\u2019s now effective Plan of Reorganization, proposed and backstopped by Pach Shemen, is supported by the majority of its creditors and has been approved by the U.S. Bankruptcy Court for the Southern District of New York on October 25, 2024.<\/p>\n<p>Adam Spears, the Company\u2019s new Chief Executive Officer, stated: &#8220;Today marks an important milestone for Eletson and its subsidiaries. After successfully completing the Chapter 11 process, the Company is now in a strengthened financial position and debt-free. We look forward to being able to focus on the next phase of Eletson&#8217;s evolution by enhancing operations and driving growth.&#8221;<\/p>\n<p>Mark Lichtenstein, Manager of Pach Shemen, added: &#8220;On behalf of Eletson&#8217;s creditors, we are pleased to have participated in delivering this outcome and look forward to continuing to support and guide the Company during this next chapter.&#8221;<\/p>\n<p>Eletson also has a new Board of Directors, consisting of the Company\u2019s Chief Executive Officer, Adam Spears, and two new independent directors, Leonard Hoskinson and Timothy B. Matthews.<\/p>\n<p>About Eletson<\/p>\n<p>Eletson is the parent company of various subsidiaries that own and operate a fleet of medium-range double hull product tankers, which are capable of carrying a wide range of refined petroleum products.<\/p>\n<p>businesswire.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK&#8211;(BUSINESS WIRE)&#8211;Eletson Holdings Inc. (\u201cEletson\u201d or the \u201cCompany\u201d), an international seaborne transportation company, announced  [&#8230;]<\/p>\n","protected":false},"author":23,"featured_media":139820,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,298],"tags":[307],"class_list":["post-250044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritimes-news","category-seagoing-maritimes-news","tag-featured-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eletson Emerges from Chapter 11 Process - Maritimes<\/title>\n<meta name=\"description\" content=\"Eletson Holdings Inc. 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