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.
Read more about this topic: Seatrain Lines
Famous quotes containing the word bankruptcy:
“A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.”
—Washington Irving (1783–1859)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)