TMT Group, a large global shipping company, has filed for chapter 11 protection, saying that it was unable to restructure its debt after industry conditions deteriorated, Reuters reported on Friday. Twenty-three entities collectively known as TMT, whose 17 vessels transport cargo from oil to vehicles, filed for chapter 11 protection from creditors on Thursday. TMT said that it had $1.52 billion of assets and $1.46 billion of liabilities, and wants court approval to hire the restructuring specialist AlixPartners as its financial adviser. The filing came on the same day that another large shipper, South Korea's STX Pan Ocean Co Ltd, sought protection from creditors in the United States, less than two weeks after filing for court receivership in its home country.
