International Shipholding Corp (ISH) chief executive Erik Johnsen has received court approval of his $24.5m winning bid for a chunk of the company’s assets.
A US bankruptcy Judge accepted the bid, which is part of the shipowner’s Chapter 11 restructuring in New York, as it emerged that a company linked to private equity company MHR Fund Management was also vying for the Mobile, Alabama-based company’s so-called specialty business.
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