UP Jasper

[creemaster]

After being laid up since April 2015, the second longest resident in the port was towed to Sunderland on Tuesday by STRATHDEE, assisted by FORTH. STRATHDEE came back for an overnight stay and took UP AGATE away the following day. I think Sunderland have something like 16 oil related boats now laid up.
I assume you cannot not get in to photograph them - unless you say you are looking for a Russian bird. Coff coff
Regards
Graham

come on just a little bit further - you know you want to go out there

I really am a tug can I help

Bye Bye !!

[Whickham]

Seems quite an expensive operation. Just to save on port dues?

See also: viewtopic.php?f=5&t=15911&p=34534#p34534

also some photos of the other boats laid up at Sunderland at: viewtopic.php?f=21&t=17526&p=38339#p38339

[magoonigal]

No, word is that the Port needs to do some dredging and other remedial work on the Berth they were using.

[Whickham]

Thanks Paul. Must be a longish term project to warrant taking them out of the port altogether.

[magoonigal]

Info courtesy of Dave Emmonds, Port of Blyth, from another Facebook page run by Steve Ellwood.

[creemaster]

Reported that their owners ULTRAPETROL have filed for Chapter 11 bankruptcy protection in the US as they have debts of around $566m so they may be in Sunderland for a while.
Wonder if Sunderland AFC have the same level of debts?
Regards
Graham

[northeast]

They don't have one called UP YOURS do they?

[creemaster]

Yes and her sister is UP YOURS II
So George do you report yourself to yourself as site administrator/moderator fiscal
Regards
Graham

[creemaster]

Ultra Petroleum Corp. filed a revised restructuring plan that calls for the oil and gas driller to raise $2.4 billion in bankruptcy-exit financing. Court papers filed Wednesday say the proceeds of the new financing will be used to pay down $2.52 billion of senior bonds and revolver drawings in full and in cash. The proposed exit facility will include a $600 million term loan, a $400 million revolving credit facility and a $1.4 billion bridge loan, which may be converted to an unsecured term loan. Barclays Bank PLC has agreed to arrange the financing, court papers say. Ultra has asked the U.S. Bankruptcy Court in Houston to review the financing agreement next week as well as its request to keep the fees associated with the facility shielded from public view.Also up for court review next week is an outline of Ultra’s restructuring plan, which the company revised to include the exit financing. Under the prior restructuring plan, filed in early December, holders of $2.52 billion in senior bonds and revolver loans would have received new notes in the same amountIn addition to proposing to repay those claims in cash, the revised plan also provides for the payment, in cash, of a $200 million-plus make-whole claim by the senior bondholders. Ultra disputes that its bankruptcy filing triggered the penalty payment—meant to compensate creditors for lost interest when debt isn’t paid at its scheduled maturity date—to bondholders and said it would continue to fight the claim in court.The prior plan offered to set aside a $200 million reserve for new debt to be issued to compensate the senior bondholders if they won the make-whole litigation.Make-whole payments are meant to compensate creditors for the lost interest they would have collected had the debt been repaid at the scheduled maturity date. A group of well-known distressed-debt investors including Anchorage Capital LLC, Oaktree Capital Management LP, Knighthead Capital Management LLC and Sankaty Advisors LLC, an affiliate of Bain Capital that has been renamed Bain Capital Credit, led the lawsuit over the make-whole payments on $1.46 billion in senior debt.Ultra sought chapter 11 protection last April, one of dozens of energy companies to turn to bankruptcy amid plummeting oil and gas prices. The Houston company primarily produces natural gas in Wyoming. It also owns crude oil-producing properties and Utah and natural gas-producing properties in Pennsylvania. Source: The Wall Street Journal

[Whickham]

Take two debts, add two more, stir slowly in a debt basin and allow to rise. Add more debt, stir to taste and place on a low heat and allow to rise some more. Remove from the heat every so often and add more high powered debt and finally hand over to debt specialists. Who is it that can make a lot of money out of debt? certainly not me.