Restructuring: What to Do When the Bottom Falls Out


Restructuring and the Shipping Industry, Never a Pleasant Combination


Earlier in the week, Basil Karatzas presented at the Tugs, Towboats, Barges (TTB) Virtual Conference hosted by MarineLog magazine. The topic of the presentation was titled "What to Do When the Bottom Falls Out: Everything You Hope You’ll Never Need to Know about Restructuring", inspired by the current restructuring / bankruptcy case of a 1918-establisshed Jones Act tank barge company. The presentation was intended to draw lesson from a very high profile and highly visible bankruptcy case rather than criticize or second-guess management decisions.


This has been the second time at MarineLog hosts the TTB Conference, in both cases virtually, but with plans to be "real-time" next year. The conference hosted a high caliber list of guests and speakers, staring with Ms Jennifer Carpenter, CEO and President, American Waterways Operators (AWO). The conference had been very well attended and commented on. Full agenda and presentations and audio can be accessed on demand by clicking here..


On Restructuring and the Marine Industry, the main points of the presentation are as follows:


- Stay alert, stay prepared, be pro-active to avoid getting the Company in a situation that will result into a Financial Restructuriing


Shipping is a risky business (that is high volatility market) and "accidents" happen, and shipping companies can be found in dire situations. In such an unfortunate event, the guiding principles for action to be taken:


- Things will never be