Eletson Holdings Inc. ("Eletson" or the "Company"), an international seaborne transportation company, announced today that it has successfully completed its financial restructuring and emerged from Chapter 11 protection, marking a new beginning with new leadership, new financial resources and no debt.
Eletson's now effective Plan of Reorganization, proposed and backstopped by Pach Shemen, is supported by the majority of its creditors and has been approved by the U.S. Bankruptcy Court for the Southern District of New York on October 25, 2024.
Adam Spears, the Company's new Chief Executive Officer, stated: "Today marks an important milestone for Eletson and its subsidiaries. After successfully completing the Chapter 11 process, the Company is now in a strengthened financial position and debt-free. We look forward to being able to focus on the next phase of Eletson's evolution by enhancing operations and driving growth."
Mark Lichtenstein, Manager of Pach Shemen, added: "On behalf of Eletson's creditors, we are pleased to have participated in delivering this outcome and look forward to continuing to support and guide the Company during this next chapter."
Eletson also has a new Board of Directors, consisting of the Company's Chief Executive Officer, Adam Spears, and two new independent directors, Leonard Hoskinson and Timothy B. Matthews.
About Eletson
Eletson is the parent company of various subsidiaries that own and operate a fleet of medium-range double hull product tankers, which are capable of carrying a wide range of refined petroleum products.
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Contacts:
Kyle J. Ortiz, Esq.
Bryan M. Kotliar, Esq.
Togut, Segal Segal LLP
(212) 594-5000
