March 28, 2017 3:26 AM ET

Marine

Company Overview of U.S. United Ocean Services, LLC

Company Overview

U.S. United Ocean Services, LLC provides marine transportation services for dry bulk and break-bulk commodities in the United States and internationally. The company primarily transports coal, phosphate, and grains. It operates two bulkers and four tug/barge units. U.S. United Ocean Services, LLC was formerly known as TECO Ocean Shipping, Inc. and changed its name to U.S. United Ocean Services, LLC in December, 2007. The company was founded in 1959 and is based in Tampa, Florida. As of November 30, 2012, U.S. United Ocean Services, LLC operates as a subsidiary of International Shipholding Corp. On July 31, 2016, U.S. United Ocean Services, LLC filed a voluntary petition for reorganization un...

601 South Harbor Island Boulevard

Tampa, FL 33602

United States

Founded in 1959

Phone:

813-209-4204

Fax:

813-242-4849

Key Executives for U.S. United Ocean Services, LLC

U.S. United Ocean Services, LLC does not have any Key Executives recorded.

U.S. United Ocean Services, LLC Key Developments

First Amended Modified Reorganization Plan Approved for International Shipholding Corp.

The US Bankruptcy Court approved the first amended modified plan of reorganization of International Shipholding Corp. on March 2, 2017. The debtor has filed its amended modified plan in the Court on January 5, 2017. As per the amended plan, administrative claims, DIP fee claims, professional fee, priority tax claims and US Trustee fees will be paid in full in cash. DIP Claims will be paid in cash. Other priority claims will be paid in full in cash. Secured claims of Capital One Facility, Citizens Facility, DVB Facility and Regions Facility term loan will be paid in full in cash. The regions facility revolving and letter of credit claims will be paid in full in cash. Unsecured claims of Central Gulf lines, NW Johnson & Co., Gulf South Shipping PTE and LCI Shipholdings will be paid in cash in full. The general unsecured claims and other unsecured claims will be paid 3.9% recovery in cash. Convenience claims will be paid in cash. Equity interest will be cancelled and no distribution will be paid. The plan will be funded from cash in hand, assets sale, equity issuance and issuance of new senior debt facility.

Fifth Amended DIP Financing Approved for International Shipholding Corp.

International Shipholding Corp. filed a notice of fifth amendment to DIP credit agreement in the US Bankruptcy Court on February 17, 2017. As per the notice, the DIP commitment has been increase by $2 million to $20.10 million.

Fourth Amended DIP Financing Approved for International Shipholding Corp.

International Shipholding Corp. filed a notice of fourth amendment to DIP credit agreement in the US Bankruptcy Court on February 2, 2017. As per the notice, the maturity date has been extended by 60 days, i.e. from January 31, 2017 to March 31, 2017.

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