NEW YORK--(BUSINESS WIRE)--B+H Ocean Carriers Ltd. (OTC: BHODD.PK) (the “Company”) reported that today it had filed, along with several of its subsidiaries and related entities, for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The Company said that it intends to restructure its balance sheet and emerge as a recapitalized shipowning business, continuing to specialize in the transportation of refined petroleum products and dry bulk commodities.
The Company stated that going forward, its operations will continue as in the past, with no interruption of service. It also said that it has had ongoing discussions with several of its lenders regarding further cooperation and support during the reorganization. There continue to be challenges in the current market for freight rates and vessel values which, combined with the state of global ship finance, has made it exceedingly difficult to accomplish the recapitalization outside of a court-supervised reorganization.
About the Company
B+H Ocean Carriers Ltd. is an international shipowning and operating company that owns, through subsidiaries, a fleet of four product-suitable Panamax combination carriers capable of transporting both wet and dry bulk cargoes, along with a 50% interest in an additional combination carrier.
Safe Harbor Statement
Certain statements contained in this press release, including, without limitation, statements containing the words “believes,” “anticipates,” “expects,” “intends,” and words of similar import, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases, regarding the Company’s financial and business prospects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, those set forth in the Company’s Annual Report and filings with the Securities and Exchange Commission. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained or incorporation by reference herein to reflect future events or developments.
For further information, access the Company’s website at www.bhocean.com.