Distressed Maritime Assets Group
In response to the deepening financial strains affecting the worldwide shipping, shipbuilding and related maritime industries, Vedder Price offers its Distressed Maritime Assets Group, a cross-disciplinary group that combines key elements of the Firm's nationally recognized maritime finance, commercial litigation, bankruptcy and creditors' rights practices. The Group focuses its practice on the representation of financial institutions, investors, investment funds, lenders, secured creditors, equipment leasing companies and other suppliers and service providers in the maritime sector in three key areas:
- Domestic and cross-border bankruptcies and insolvencies within the maritime sector;
- The acquisition, recovery, foreclosure, disposition, exchange and financing of distressed maritime assets worldwide, including vessels, containers and marine terminal assets; and
- The negotiation and workout of marine debt financing and covenants, as well as critical commercial contracts, including charter parties, finance and operating leases, shipbuilding contracts and marine terminal contracts.
The Group recognizes that, in the aftermath of several key judicial decisions in the United States, many boards of directors and managers of domestic and offshore marine transportation firms are rightfully concerned about potential obligations to creditors as their companies operate near or in the zone of insolvency. Therefore, working together with the Firm's D&O liability and insurance specialists, the Group also provides guidance with respect to matters involving personal liability and insurance coverage in this evolving area of law.
The Distressed Maritime Assets Group is led by well-regarded senior-level shareholders from the Firm's maritime and bankruptcy practices who possess substantial industry knowledge and whose collective professional experience and expertise in transportation-sector bankruptcies, insolvencies, workouts, dispositions, recoveries and financings have earned them peer recognition year after year by Chambers, Best Lawyers, Super Lawyers, Euromoney and other publications.
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