TMT Dreams Dashed

Attempts to reorganise the debts owed by shipping company Today Makes Tomorrow (TMT) have been ended by a Texas court as a bankruptcy judge found the company’s plans to be unrealistic based on available funds and time. 

A plan to put some vessels in cold layup ahead of conversions into floating production storage and offloading (FPSO) units or floating liquified natural gas (FLNG) units, while imaginative were not deemed to be realistically achievable in a relatively short time frame.

The ruling means there will now be a piecemeal liquidation of the fleet to repay creditors. Among the vessels still to face the sales block are the 320,000-dwt combination carriers D Whale, E Whale, G Whale and H Whale, and the three handysize bulkers A Handy, B Handy and C Handy.

It is understood there were concerns as to whether the company appreciated the costs of executing the alternative plan.