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Court: International Shipholding $24.5 million segment sale approved
By Caroline Salls
Pittsburgh, Dec. 30 – International Shipholding Corp. received court approval to sell some of its specialty business segment assets to J Line Corp. for $24.5 million, according to an order filed Dec. 30 with the U.S. Bankruptcy Court for the Southern District of New York.
As previously reported, J Line is an entity that is substantially owned by International Shipholding chief executive officer Erik L. Johnsen.
Following the auction, International Shipholding selected Hemisphere Logistics LLC as the back-up bidder, with a $24 million offer for the assets.
Mobile, Ala.-based International Shipholding provides maritime transportation services through its subsidiaries. The company filed bankruptcy on Aug. 31 under Chapter 11 case number 16-12220.
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