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Bankruptcy Reorganization Chapter 11

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June 27, 2013

TMT USA Shipmanagement LLC Update: Objection

Today, Shanghai Commercial & Savings Bank objected to TMT USA Shipmanagement LLC's emergency motion to use cash collateral.  According to the document, Shanghai Commercial & Savings Bank urged denial because of a lack of or inadequate "equity cushion" in the vessels and the failure to show postpetition profitability, among other reasons.

Read two objections below:

Download Objection

Download Ojection 2

Update:  The Interim Order Authorizing Use of Cash Collateral was issued on 6/27/2013.


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