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Toisa Limited Reclaims Control of United Journey in Caribbean

NEW YORK, Feb. 21, 2017 /PRNewswire/ -- Toisa Limited announced today that it has regained control of its vessel United Journey, through a negotiated court order with Citibank N.A., which seized the tanker in the Caribbean Netherlands on December 24, 2016. 

The Company plans for United Journey, which has been idled in St. Eustatius since its arrest, to resume full operations as soon as possible. The cargo the ship was hauling upon seizure was off-loaded to another vessel. 

The Company welcomes this outcome as it continues to work cooperatively with its stakeholders on a financial restructuring plan following its voluntary Chapter 11 filing last month in the United States Bankruptcy Court for the Southern District of New York.  Toisa remains grateful to its vendors and customers for their ongoing support and is pleased that all of its operations continue uninterrupted amid the restructuring process.

In addition to United Journey's return, the court order included provisions for the consensual use of Citibank's cash collateral by the Company. The Company is continuing to actively work with the lender steering committee on a consensual debt restructuring.

At this time all 46 of Toisa's vessels are free to undertake all business already contracted and are available to enter into additional relationships.

 

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