Cyprus

The restructuring of the shipping company Eletson Holdings, formerly owned by the families Hatzieleftheriadis, Karastamatis, and Kertzikov, has been completed, after facing numerous financial challenges in recent years.

Specifically, in a statement, it was noted that “it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection, marking a new beginning with new leadership, new financial resources, and no debt.”

The current Reorganization Plan of Eletson, which was proposed and supported by Pach Shemen, a subsidiary of the Canadian hedge fund Murchison, is backed by the majority of its creditors and was approved by the U.S. Bankruptcy Court for the Southern District of New York on October 25, 2024.

Adam Spears, the new CEO of the company, stated: “Today marks a significant milestone for Eletson and its subsidiaries. Following the successful completion of the Chapter 11 process, the company is now in a strengthened financial position and debt-free. We look forward to focusing on the next phase of Eletson’s evolution, enhancing operations and driving growth.”

Additionally, Mark Lichtenstein, Director of Pach Shemen, added: “On behalf of Eletson’s creditors, we are pleased to have participated in achieving this outcome and look forward to continuing our support and guidance for the company during the next chapter.”

It is also clarified that Eletson has a new Board of Directors, consisting of CEO Adam Spears and two new independent members, Leonard Hoskinson and Timothy B. Matthews.

In its announcement, Eletson, founded in 1996, states that it is the parent company of various subsidiaries that own and operate a fleet of medium-sized product tankers, which transport a wide range of refined petroleum products.

Lastly, it is noted that the Navig8 group included three tankers in its management pool in 2022, which had been seized by Chinese CSIC Leasing in 2021 from the Greek shipping company.