Bankruptcy
Seatrain filed for protection on February 11, 1981, under Chapter 11 with the US Bankruptcy Court for the Southern District of New York. Seatrain's creditors filed $800 million in claims but the amount was reduced by negotiation. The final figure was in the area of $515 million dollars. Seatrain's largest unsecured creditors were the pension and welfare fund of the New York Shipping Association-International Longshoremen's Association, the US Economic Development Administration, and Union Carbide Corporation.
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Famous quotes containing the word bankruptcy:
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