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International Shipholding Corp. (ISH) expects to emerge from bankruptcy as a Seacor Holdings Inc. subsidiary by July 3, WorkBoat.com reported today. ISH said it has received approvals from the U.S. Maritime Administration required under its reorganization plan. “The combination of ISH’s longstanding history of excellent customer service and Seacor’s financial resources will ensure continued growth and success” at ISH, said Eric Fabrikant, chief operating officer of Seacor, which just spun off Houma, La.-based Seacor Marine Holdings Inc., its OSV fleet trading under SMHI. ISH’s restructuring includes the issuance of new equity to Fort Lauderdale, Fla.-based Seacor in exchange for $10.5 million cash and the conversion of $18.1 million in outstanding debtor-in-possession financing claims to equity. In addition, there’s $25 million in a new senior debt exit facility, much of which will be used to satisfy creditor claims, and the sale of its pure car/truck carriers to NYK Group Americas Inc.