Now, I can't pretend to know anything about bankruptcy law, but isn't the point of chapter 11 to stay operating and pay off the business' creditors over time? Why would they just boot out everyone with no pay and then file chapter 11?
Announcement
Collapse
No announcement yet.
ghost fleet
Collapse
X
-
I wouldn't pretend to know much either, but I believe that it is equally important that the company is protected from its creditors while it tries to produce a viable plan for the future. Esco Marine borrowed over $31 million from Callidus Capital Corporation of Canada to stay in business last year and owes about another $4 million to creditors and employees. It couldn't cope with the sudden heavy fall in the prices paid for scrap in February.
Unlike a manufacturing company, however, does it matter if the ships are not worked on for a short period of time? Esco bought and paid for the Shenandoah and the Yellowstone. The Saratoga was contracted for recycling and is still owned by the navy, but where could it go? International has the Constellation already and the Ranger coming. Allstar still has the Forrestal and is probably too small to take two carriers at once. And as far as I know none of the six warships awarded by the DLA has been towed away yet.
What I find puzzling is how did a company which was clearly in financial difficulty manage to win so many important contracts? And if Esco does go under completely what will be the longer term impact be on the whole US shipbreaking industry?
Comment
-
Tradewinds News has an article on ESCO: Sparks fly as ship recycler Esco files for bankruptcy.
I found the last sentence interesting:Industry sources say rival recyclers Allstar Metals and Southern Recycling have capacity to absorb business left behind by Esco if it remains closed.Last edited by Admiral Nelson; 13 Mar 15,, 17:32.
Comment
-
USS Platte's anchor arrives .....
Originally posted by blidgepump View PostEMR is also the contractor who is breaking up the USS Platte (AO-186) the fifth ship of the Cimarron class - fleet oiler.
It is rumored that the USS Platte's anchor has been saved and being shipped to Platte City in Platte County at a memorial on the banks of the Platte River.
That is a lot of Platte in one sentence !!
"Fuel stands first in importance of the resources of the fleet. Without ammunition, a ship may run away, hoping to fight another day but without fuel she can neither run, nor reach her station, nor remain on it, if remote, nor fight." ALFRED THAYER MAHANAttached FilesLast edited by blidgepump; 20 Mar 15,, 23:50.
Comment
-
AIS shows Narragansett has arrived in Beaumont and it appears they are tying up Tripoli (LPH-10) to the starboard side of Nassau (LHA-4). Samson, Titan and Energy Hercules are assisting.
NARRAGANSETT - Tug: current position and details | IMO 8834902, MMSI 367214000, Callsign WDB2452 | Registered in USA - AIS Marine Traffic
Attached FilesLast edited by ChrisV71; 10 Apr 15,, 23:14.
Comment
-
Sale or Recycling Contract?
Originally posted by ChrisV71 View PostJune 24th, MARAD:
sold the Comet to Marine Metals for $445,224
sold the Cape Blanco to Marine Metals for $445,224
June 26th MARAD:
sold the Meteor to All Star Metals for $775,435
Cape Fear and Cape Jacob have also been downgrade to logistics assets which means they may have little future.
Other points:
FFGs 12, 14 and 33 have been removed from Bremerton and towed to Southern Recycling at Sulphur, La. They have obviously picked up the ESCO contract and now have three yards in Louisiana qualified with Marad and the Navy. Does anyone know if any of the other three ships in the contract have been removed (ie Forrest Sherman, Thomas Gates, Doyle) from Philadelphia?
Ranger arrived in Brownsville last Sunday.
ESCO is abeing sold by auction: bids are due by 17th and result announced 23rd July. Navsea says it is monitoring situation closely re Saratoga.
Comment
-
Anchor Dedication - USS PLATTE AO-186
Originally posted by blidgepump View PostThe USS Platte's anchor arrived in Platte City and temporarily placed until a permanent display will be constructed later this Fall. This week the 13-ton anchor successfully travelled from EMR's Amelia, Louisiana ship breaking facility to the banks of the Platte River in central Platte County, Missouri. The ship's bell from AO-24, a WW-II era fleet oiler also named after the Platte River is on loan from the USN and displayed in the Platte County Courthouse lobby, downtown Platte City, Missouri.
As we lite off the boilers and weigh anchor this update on the USS PLATTE AO-186 is offered.
The 4 July event recognizing the sailors and officers of both USS PLATTE AO-24 & AO-186 convened in Platte City with a ceremony with the USN being represented as well as "plank owner" Charles Schley. BMC (SW) USN (Ret.) travelling from Norfolk to receive the "key to the city". BuShip's even "loaned the ship's bell (AO-24)" with an honorary Quartermaster to set the forenoon watch and strike the bell during the :90 minute event.
Comment
-
Originally posted by tyrosalt View PostDid they sell them or are they paying to have them recycled?
Originally posted by tyrosalt View PostDoes anyone know if any of the other three ships in the contract have been removed (ie Forrest Sherman, Thomas Gates, Doyle) from Philadelphia?
Comment
-
Originally posted by tyrosalt View PostDid they sell them or are they paying to have them recycled?
Originally posted by tyrosalt View PostDoes anyone know if any of the other three ships in the contract have been removed (ie Forrest Sherman, Thomas Gates, Doyle) from Philadelphia?
Comment
-
This may have been asked before but any reason why the FFGs are being purged and not retained atleast for a little while? I figure it's along the lines of the Spruances when they were purged so they couldn't be brought back instead of ordering Burkes but figured I'd ask.RIP Charles "Bob" Spence. 1936-2014.
Comment
-
I noticed last night that TerraServer did a pass over NISMF Philly at the end of June. It shows the Forrest Sherman gone and the Adams now outboard the 3 Ticonderoga class cruisers as well as 15 Perry class frigates spread all over the reserve basin.
So at least as of then, Gates has not been removed and 15 FFG's means Doyle hasn't been removed yet either. The 15 FFG's supposed to be in Philly are: 28, 29, 32, 36, 39, 40, 42, 45, 47, 49, 50, 52, 53, 55, 58
Comment
Comment