[B]US SHIPPING PARTNERS SUCESSFULLY EXITS FROM CHAPTER 11 WITH LESS DEBT, IMPROVED LIQUIDITY AND A SUSTAINABLE CAPITAL STRUCTURE[/B]
[I]Company to be Renamed U.S. Shipping Corp[/I] [LEFT]We are pleased to announce that U.S. Shipping Corp, formerly known as U.S. Shipping Partners, L.P., has emerged from Chapter 11 bankruptcy protection.
U.S. Shipping Corp accomplished the goals we set out at the beginning of this process: maintain business as usual through the reorganization, reduce our debt and emerge in an expedited manner with a sustainable capital structure.
With this reorganization behind us, U.S. Shipping Corp is poised to capitalize on its position as a leader in its industry. We remain fully committed to continue the highest standards of operation and care for health, safety and the environment, and to deliver the superior service for which U.S. Shipping is known.
As announced previously, in conjunction with our emergence from Chapter 11, our new name and branding will be U.S. Shipping Corp. The new Board of Directors appointed Joseph Gehegan as President and Chief Executive Officer, Al Bergeron as Vice President—Chief Financial Officer and Jeffrey Miller as Vice President— Chartering.