AMO Currents - U.S. Shipping expected to emerge from pre-arranged Chapter 11 by mid-October

AMO Currents - Posted: October 2, 2009

U.S. Shipping expected to emerge from pre-arranged Chapter 11 by mid-October

The following letter dated Oct. 1, 2009, was sent to AMO National President Tom Bethel by Joseph Gehegan, chief operating officer of U.S. Shipping Partners L.P. American Maritime Officers represents all licensed officers in the U.S. Shipping fleet.

I am pleased to inform you that the Bankruptcy Court for the Southern District of New York has confirmed U.S. Shipping Partners√ī Plan of Reorganization. The confirmation order is the last step in our pre-arranged Chapter 11 restructuring. U.S. Shipping Partners will emerge from Chapter 11 when the plan becomes effective, which is expected to be in approximately 10-20 days.

On the effective date, the Company will be renamed U.S. Shipping Corp and will have a new corporate structure and Board of Directors. The Company will continue to be led by a seasoned team of executives. I will assume the position of president and chief executive officer, Albert Bergeron will join the Company as vice president and chief financial officer and Jeffrey Miller will continue as vice president and head of chartering.

We are committed to remaining a leader in the marine transport of petroleum, petrochemical and commodity chemical products and are most appreciative of the trust, confidence and loyalty you have shown us during this time. You can continue to expect the highest standards of operation and care for health, safety and the environment and to the delivery of superior service for which U.S. Shipping Partners is known.