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CURRENT ISSUE
ARM MERCHANT SHIPS?
Should merchant ships transiting high risk areas carry small arms for defense against pirates?

Selected crew should be trained and have guns available
Professional armed security teams should be hired
No guns on merchant ships, ever

June 10, 2009

Creditors seek Bender bankruptcy

An involuntary bankruptcy under Chapter 7 of the United States Bankruptcy Code was filed yesterday against Bender Shipbuilding & Repair Co., Inc. in the United States Bankruptcy Court for the Southern District of Alabama.

The case was filed by three petitioning creditors: Louisiana Machinery Company, LLC, Sirius Technical Services, Inc., and Gulfmark Offshore, Inc. It was assigned case number 09-12616 to Judge MARGARET A. MAHONEY.

Unlike a Chapter 11 bankruptcy, a Chapter 7 bankruptcy is a "liquidation" bankruptcy.

WKRG in Mobile reports that Bender plans to file an objection. The company claims two of the creditors who signed the petition are also suing the company, which it says would be a violation of bankruptcy law. WKRG quotes Tom Bender, the company's President and CEO, as saying "I am optimistic that the involuntary petition will be dismissed quickly."

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