Tanker owner and operator B+H Ocean Carriers Ltd. filed a reorganization plan on Monday that liquidates its assets and distributes them to creditors, Dow Jones Newswires reported yesterday. B+H has already sold one of its ships, the Sakonnet, and is continuing to work to sell the other three, it said. The sale of the Sakonnet will go to satisfy Bank of Nova Scotia, which is owed $9.6 million secured by that ship. The sale of the others will go toward fulfilling Macquarie Bank Ltd.'s $23.6 million secured claim. Macquarie purchased this debt from Nordea Bank and Bank of Scotland. In the meantime, Macquarie is providing funding to keep the ships operational until they are sold.
