Toisa Limited Announces Approval of Use of Cash Collateral
NEW YORK, March 21, 2017 /PRNewswire/ -- Toisa Limited announced today that it received Bankruptcy Court approval for the use of cash collateral secured by two of its major lenders, Citibank N.A. and Credit Agricole Corporate and Investment Bank at a March 17th hearing.
Credit Agricole's cash collateral and the Company's cash management system were approved on an interim basis and Toisa will seek final approval of both at a March 28th hearing. The Company is pleased that the lenders have been able to form a committee, which will streamline the process going forward by allowing it to speak to one voice representing a majority of the lenders. The Company believes the Committee will be helpful to discussions in the next stage of the case.
As previously announced, Toisa's vessel United Journey, which was released by Citibank, has a Charter and is now back in service and generating income. Toisa's operations continue to run normally as the Company works constructively with its stakeholders on a global resolution to its debt restructuring. Toisa filed its voluntary Chapter 11 in January in the United States Bankruptcy Court for the Southern District of New York.
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