TMT Cashflow Woe

As various Today Makes Tomorrow (TMT) vessels sit alongside under arrest, the remaining fleet has been suffering spiralling losses as they sit under US bankruptcy “Chapter 11″ protection.       According to industry sources, the company generated a combined operating loss of nearly $8.66m during November, compared to just over $4.31m in October.

Companies under Chapter 11 protection are required to report their finances on a monthly basis – and a worrying trend has been shown with almost half of the various 21 TMT entities under bankruptcy protection having earned no revenue during the month.

Such financial problems do not augur well for the creditors of the company, nor the seafarers who are still serving on their vessels – and who are still reportedly awaiting salary payments.