September 24, 2017 9:30 PM ET

Transportation Infrastructure

Company Overview of Gulf South Shipping Limited

Company Overview

Gulf South Shipping Limited operates rail ferry between the U.S. Gulf Coast and Mexico in scheduled waterborne service. The company was founded in 1986 and is based in Singapore. Gulf South Shipping Limited operates as a subsidiary of LCI Shipholdings, Inc.

1, North Bridge Road

#06-29

High Street Centre

Singapore,  179094

Singapore

Founded in 1986

Key Executives for Gulf South Shipping Limited

Gulf South Shipping Limited does not have any Key Executives recorded.

Gulf South Shipping Limited Key Developments

Motion for Asset Sale Approved for International Shipholding Corp.

The US Bankruptcy Court ordered approving the debtor to consummate the sale of certain assets on May 1, 2017. As per the order, the Court has authorized the debtor to consummate the sale of the Green Dale LCI Shipholdings, Inc., and Sallaum Lines SAL for a purchase price of $6.8 million pursuant to the Memorandum of Agreement dated April 7, 2017. The buyer will make a security deposit of 10% into escrow account. The proceeds will be used to pay the professional services of Jacq Pierot Jr & Sons, Inc. and H Clarkson & Company Limited and any reimbursable expenses.

Motion for Asset Sale Filed by International Shipholding Corp.

International Shipholding Corp. filed a motion in the US Bankruptcy Court for the sale of its certain assets on April 13, 2017. The debtor seeks the Court’s approval for the sale of its certain assets to Sallaum Lines SAL, for a purchase price of $6.8 million in cash, pursuant to the Memorandum of Agreement dated 7 April, 2017. The debtor’s assets include the vessel known as the Green Dale (IMO: 9181376). The Buyer is to provide a good faith deposit of 10%. The sale is a private sale and therefore not subject to higher or better offers. The debtor appointed H Clarkson & Company and Jacq. Pierot Jr. & Sons, Inc. Limited as brokers, for a fee of $68,000 and $34,000, respectively.

Motion for Asset Sale Approved for International Shipholding Corp.

The US Bankruptcy Court ordered approving the sale of real property of International Shipping Corporation on April 7, 2017. As per the order, the Court has authorized the US United Ocean Services, LLC to sell the Louisiana Enterprise to Southern Recycling LLC for a purchase price of $0.74 million pursuant to agreement entered on March 17, 2017. Under the terms of the agreement, the buyer shall make a deposit of $0.04 million upon the execution of the agreement. The closing of the transaction shall occur within March 21, 2017 to April 30, 2017. Michael Gross represented the buyer as legal advisor.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 28, 2016
Specialty Business Assets
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