Daily News: June 25, 2014

Nautilus Files Chapter 11; Seeks DIP from Synergy Management

Container ship leasing company Nautilus Holdings has filed for Chapter 11 bankruptcy protection in New York, becoming the latest victim of a depressed shipping industry.

According to bankruptcy court records, the company operates a fleet of 16 container ships each with debt service links to HSH Nordbank, Deutsche Bank and Citibank.

In its first day motion, Nautilus Holdings said it would seek court approval for a DIP facility in the amount of $5.0 million that has been offered by Synergy Management Services Limited, at an annual interest rate of 3.25%.

The court documents show that major investors in Nautilus Holdings include: Reminiscent Ventures S.A. and NHL Investors (MD), with holdings of 49.9% and 30.0%, respectively.