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Arbitration Costs Stymie Eletson Holdings Ch. 11 Fee Deal

By Vince Sullivan · May 8, 2024, 5:49 PM EDT

A dispute over professional fee applications in the Chapter 11 case of shipping company Eletson Holdings was largely resolved Wednesday in a New York bankruptcy court, but questions about fees incurred...

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Bankruptcy Scorecard

Summary

Greek oil and gas shipper Eletson was forced into bankruptcy by a group of noteholders who said the company had stopped paying its debts. The creditors and the company have filed competing reorganization plans.

Case Number

23-bk-10322

Judge

Brendan L. Shannon

Venue

U.S. Bankruptcy Court for the Southern District of New York

Capital Structure

Total Liabilities:

Eletson and the petitioning creditors have given different debt estimates. Eletson estimates it has $182.6 million of debt that would at most be $502.8 million if the court upholds the unsecured noteholder claims. Claims filed in the case, including a number of disputed claims, listed in the creditors' competing Chapter 11 plan add up to over $776 million.

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Case Information

Case Title

Eletson Holdings Inc.

Case Number

1:23-bk-10322

Court

New York Southern

Nature of Suit

Date Filed

March 07, 2023

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