Sitrick and Company is handling bankruptcy communications for Toisa Ltd., the shipping fleet company that services the offshore oil industry.
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Toisa filed for Chapter 11 protection Jan. 30 in New York, citing a prolonged slump in global oil prices, among other factors, in a need to restructure.
The company said it has sufficient liquidity to keep operating amid talks with lenders.
Sitrick's Brenda Adrian heads the account.
Toisa is owned by Greek shipping magnate Gregory Callimanopulos. The company said customers and vendors have been historically paid by management agents outside the Chapter 11 filing.
The Wall Street Journal reported debts and assets of the company top $1B with loans due to Citibank, the Export-Import Bank of China and ING Bank. Toisa's New York bankruptcy attorney told the Journal the company's complex capital structure made it difficult to negotiate with the lenders outside of Chapter 11.
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