U.S. Shipping Partners L.P. 8-K 2009
PURSUANT TO SECTION 13 OR 15(d) OF THE
Date of Report (Date of earliest event reported): October 01, 2009
Registrant’s telephone number, including area code: (732) 635-1500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
SECTION 1 – REGISTRANT’S BUSINESS AND OPERATIONS
Item 1.03. Bankruptcy or Receivership
On April 29, 2009 (the “Commencement Date”), U.S. Shipping Partners L.P. (“USSP”), all of its subsidiaries (the “Subsidiaries”), US Shipping General Partner LLC, the general partner of USSP (“USSGP”), and USS Vessel Management LLC, a wholly-owned subsidiary of USSGP (together with USSP, the Subsidiaries and USSGP, the “Debtors”) filed voluntary petitions for reorganization relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”)(Case No. 09-12711 (RDD) (Jointly Administered)). The bankruptcy filing was made with a “pre-arranged” restructuring plan with the support of a substantial majority of the Debtors’ secured lenders and noteholders. Since the Commencement Date the Debtors have continued to manage their properties and operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.
On October 1, 2009, the Bankruptcy Court confirmed the Debtors’ Third Amended Joint Plan of Reorganization (the “Plan”), and the Confirmation Order was entered by the Bankruptcy Court on October 2, 2009. Under the Plan:
- 2 -
- 3 -
Upon emergence from Chapter 11, which is expected to occur in October 2009, Reorganized USSP will have an aggregate of approximately 8.67 million shares of Common Stock outstanding or reserved for issuance; the exact number of shares outstanding will depend on whether the Senior Secured Lenders and the holders of Senior Notes are U.S. Citizens for U.S. Coastwise Trade Law purposes, in which case they will receive shares of Common Stock, or are not U.S. Citizens for U.S. Coastwise Trade Law purposes, in which case they will receive a combination of shares of Common Stock and Warrants.
At August 31, 2009, the Debtors had total assets of approximately $424.7 million and total liabilities of approximately $512.6 million, of which approximately $493.8 million are liabilities subject to compromise.
- 4 -
SECTION 8 – OTHER EVENTS.
Item 8.01. Other Events
On October 01, 2009 the Partnership issued a press release announcing today that the Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization. The confirmation order is the last step in the Company’s pre-arranged Chapter 11 restructuring. U.S. Shipping Partners will emerge from Chapter 11 when the plan becomes effective, which is expected to occur in approximately 10-20 days.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS.
ITEM 9.01. Financial Statements and Exhibits.
- 5 -
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
- 6 -