Under the chapter 11 plan that became effective today all of the equity in Navigator Holdings PLC will be transferred to the holders of Navigator's 10.5% First Priority Ship Mortgage Notes and 12% Second Priority Ship Mortgage Notes in exchange for the cancellation of such debt securities. Management of the Navigator companies, which had been subject to the control of a liquidator appointed by the Isle of Man court, will now report to a board of directors designated by the Creditors Committee. The companies' day-to-day operations will not be affected by the change in control effectuated by the chapter 11 plan.
Mr. Mahler, a resident of Lugano, Switzerland, and various affiliated entities and individuals, including Cambridge Gas Transport Corporation and Navigator Gas Management Limited, remain in contempt of the Bankruptcy Court's orders and are liable for substantial unpaid judgments against them arising from their attempts to thwart recoveries due to Navigator's creditors.
The Navigator companies own and operate five semi-refrigerated 22,000 cubic meter liquefied ethylene gas carriers.