Toisa Ltd.

• 1/30/31 Recap: Bermuda-based operator of 19 offshore vessels servicing the oil and gas industry filed for chapter 11 bankruptcy to restructure its balance sheet amidst acceleration and demand notices from lenders (and, in one case, a ship seizure). With utilization rates down from 85% in 2014 to a scary 50% today and continued pressure projected throughout 2017, the company hopes the breathing spell triggered by the filing will provide the time needed to formulate a plan of reorganization. 
• Jurisdiction: S.D. of New York
• Capital Structure: $123mm (Danish Ship Finance), $115mm (DNB), $115mm (ING)    
• Company Professionals:
  • Legal: Togut Segal & Segal (Al Togut, Frank Oswald, Kyle Ortiz, Brian Moore)
  • Financial Advisor: Scura Paley & Company (Paul Scura)
  • Investment Banker: PJT Partners LP (Steven Zelin)
  • Claims Agent: KCC (*click on link above for docket)
• Other Parties in Interest:
  • Credit Agricole Corporate and Investment Bank
    • Legal: Linklaters LLP (Margot Schonholtz, Robert Trust) 
  • Danish Ship Finance A/S
    • Legal: Seward & Kissel LLP (John Ashmead, Catherine LoTempio)
  • DVB Bank America N.V. 
    • Legal: Seward & Kissel LLP (Robert Gayda)
  • Informal Committee of Secured Lenders
    • Legal: Cadwalader Wickersham & Taft LLP (Gregory Petrick, Michele Maman, Andrew Greenberg)
  • Unofficial Committee of Unsecured Creditors
    • Legal: Sheppard Mullin Richter & Hampton LLP (Craig Wolfe, Jason Alderson)

Updated 5/21/17