Lawyers who put International Shipholding Corp. into bankruptcy in July have announced a deal that would lead the vessel owner to be taken over by a larger maritime services firm, the Wall Street Journal reported today. In court papers, International Shipholding officials said that Florida-based SEACOR Capital Corp. has offered to pay $10 million plus whatever company officials have spent on a roughly $18 million bankruptcy loan, for its operations. At the time of its bankruptcy filing, it operated 21 U.S. and foreign flag vessels that provide maritime transportation services. The deal still needs approval from Bankruptcy Judge Stuart M. Bernstein. The proposed takeover doesn’t include an International Shipholding division that handles logistical and seaborne transportation services in Southeast Asia. International Shipholding officials said that a company controlled by Chief Executive Erik L. Johnsen has offered to buy that division for $18 million.
