NAUTILUS SUCCESSFULLY COMPLETES FINANCIAL RESTRUCTURING - BERMUDA
Updated: Mar 4, 2019
Nautilus Holdings Limitedand Nautilus Holdings No. 2 Limited (together “Nautilus”), which together are a leading international, privately held owner of container ships, today announced the successful completion of the financial restructuring process and that Nautilus has emerged from Chapter 11 of the United States Bankruptcy Code. Nautilus’ Plan of Reorganization had the unanimous support of Nautilus’ lenders and other creditors.
As a result of the restructuring process, Andreas Papathomas, CEO of Nautilus, now owns 100 percent of Nautilus. Synergy Management Services Limited (“Synergy”) will continue to manage the vessels in the Nautilus fleet, including sourcing charters and providing financial management and oversight of the third-party technical management companies that handle ship management and crewing services on Nautilus’ behalf.
Andreas Papathomas, CEO of Nautilus said, “With the completion of the financial restructuring process, Nautilus is moving forward with a stronger foundation and enhanced financial flexibility, positioning it to drive growth and capitalize on future charter opportunities as the container shipping market continues to improve. Synergy will continue to manage the Nautilus fleet, and remains committed to supporting charter customers around the world and providing exceptional international shipping services. We thank our customers and vendors for their support throughout the process.”
Mr. Papathomas continued, “As our counsel Jay Goffman of Skadden Arps stated in Court, this restructuring is an extraordinary success. It is rare to achieve 100 percent consensus among creditors as Nautilus has done. We could not have achieved this result without the extraordinary efforts of the group’s advisors and its management team headed by, the CEO Mr. Papathomas. We thank them for their leadership and dedication.