Shipping companies across the globe are experiencing significant financial hardship due to a dwindling dry-goods market. Companies such as Winland Ocean Shipping Corp., Excel Maritime, Overseas Shipholding Group, and TMT Group have all recently filed for Chapter 11 bankruptcy due to tumultuous economic conditions.
While the decision to merge has helped some of these companies protect their assets, those with fewer ships, and therefore less to offer, have a limited number of options to combat increasing debt. Last year, dry-bulk shipping trade increased at only a 4% rate. In what is speculated to be the worst dry-bulk market since the 1980s, companies are struggling to stay in business.
If your company is struggling to make ends meet, the good news is that there are options available to you. Specifically, filing for bankruptcy can provide an incredible lifeline to help you through this difficult time. Contact Waco Chapter 11 bankruptcy lawyer Erin B. Shank, P.C., today by calling (254) 296-1161 to discuss your unique situation and find out if bankruptcy is right for you and your business.