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International Shipholding Corp voluntarily files for bankruptcy protection

International Shipholding Corporation (ISH) has voluntarily filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court, but intends to continue operating its normal course of business without interruption.

The New York-listed company has entered into a debtor-in-possession $16m credit facility, which may be used to fund, among other things, the company’s working capital needs while in Chapter 11.

Erik L. Johnsen, president and ceo, commented: “We took a critical step toward right-sizing the company’s balance sheet. While the company is facing challenges with its debt and capital structure, we believe our core business segments are performing satisfactorily.”

ISH is engaged in waterborne cargo transportation including car/truck carrier, ro-ro, breakbulk, container vessels, multipurpose vessels and rail ferry.

ISH has filed a series of motions with the US Bankruptcy Court to allow the company to continue to operate in the ordinary course of business.

The motions include payment of wages and other employee benefits during the Chapter 11 process as well as payments to certain vendors. ISH said it expects the court to approve these requests.

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