The plans aim to set a framework for distributing remaining funds to creditors in the case, which started as a Chapter 11 restructuring but later became a liquidation, with TMT chairman Nobu Su in frequent opposition to lawyers for his companies’ affiliates as 15 ships were gradually sold off for a total of nearly $700m.

Evan Flaschen, the Bracewell & Giuliani lawyer for the TMT entities in the bankruptcy case, says there is more than $13m remaining for potential distributions.