A bankruptcy judge on Friday signed off on shipper Nautilus Holdings Ltd. plan to exit bankruptcy protection, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Robert Drain approved Nautilus's restructuring plan, according to Nautilus's bankruptcy lawyer Jay Goffman of Skadden Arps. The chapter 11 plan called for Nautilus to restructure $772.6 million in debt tied to six different loans secured by its fleet of 16 vessels. The plan calls for many of the loans to be repaid in full under new terms, while some of the debt would be converted to equity.
