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ARTICLE · 17 SEPTEMBER 2012

Chapter 11 Or Catch-22 - That Is The Question

AKD
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The economic situation in the shipping industry remains poor, with no sign of a recovery in the short term.

NetherlandsInsolvency/Bankruptcy/Re-Structuring
Carel Van Lynden
Carel Van Lynden

Carel J H van Lynden, a partner in the Shipping Trade & Insurance Department at AKD law offices in Rotterdam, explains why a Chapter 11 threat may not be the end of the story for banks seeking to attach assets in the shipping industry

The economic situation in the shipping industry remains poor, with no sign of a recovery in the short term. Even Chinese shipowners are now reported to be making huge losses. The banks are frustrated by a lack of buyers and by the probable outcome of a re-valuation – or, rather, devaluation - of owners' assets. In many cases, they prefer to let their clients remain in business, even if they fail to pay due instalments or interest payments for extended periods of time, never mind that many of those same owners are also in default on the likes of their loan-to-value ratios.

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