This is the website of the Official Committee of Unsecured Creditors (the “Creditors’Committee”) in the Chapter 11 bankruptcy cases of TMT Procurement Corporation and 20 of its affiliate companies (collectively, the “Debtors”). The purpose of this website is to provide information to unsecured creditors on the status of the Debtors’ cases.
On June 20, 2013, the Debtors, along with two other entities that were later dismissed, each filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas, commencing chapter 11 bankruptcy cases that are pending before the Honorable Judge Marvin Isgur. The Debtors' cases are jointly administered for procedural purposes, meaning that all pleadings will be maintained on the docket for the lead case, TMT Procurement Corporation, Case No. 13-33763.
Description of the Businesses. The Debtors are commonly known in the maritime industry as the TMT Group based on the original company known as Taiwan Marine Transport Co. Ltd. (a non-debtor), which was founded in 1958 as a banana boat operator with inter-Asia routes. The TMT Group has since expanded into a provider of maritime transportation services with a presence in several sectors, including the bulk sector, vehicle sector, ore sector and oil sector. The Debtors’ fleet currently consists of 16 vessels that are each held by an individual ship owning company, and range in size from approximately 27,000 dead weight tons (dwt) to approximately 320,000 dwt. The average age of the Debtors’ fleet is two and a half years. The vessels are flagged in Liberia, Panama and the Marshall Islands. The Debtors’ vessels generate revenue through time charters (hiring vessels for a specific period of time) as well as in the spot market. Certain of the Debtors’ vessels are chartered to non-debtor affiliates under “bareboat” charters, which is an industry term for a type of charter where the charterer obtains possession of the vessel for the duration of the charter and supplies its own master and crew.
On July 09, 2013, the United States Trustee appointed the Creditors’ Committee to Section 1102 of the Bankruptcy Code. The Creditors’ Committee consists of seven voting members, China Shipping Car Carrier, Hyundai Samho Heavy Industries Co., Ltd., KPI Bridge Oil Limited and KPI Bridge Oil Singapore Pte Ltd, Omega Bunker S.R.L., China Ocean Shipping Agency Shanghai d/b/a/ Penavico Shanghai, Songa Shipping Pte, Ltd., Universal Marine Service Co., Ltd., and one non-voting alternate, Scandinavian Bunkering AS.
The Committee has selected the law firm of Seward & Kissel LLP as principal bankruptcy/restructuring counsel and the law firm of Kelley Drye & Warren LLP as principal investigation/litigation counsel.
General inquiries regarding the cases should be directed to Seward & Kissel LLP. To submit an inquiry to the Official Committee click here: firstname.lastname@example.org.
This case description and website will be periodically updated as the chapter 11 cases progress.