Allco Shows What it Takes

Marine Money observed first hand during the restructuring years of 2000 and 2001 the absolute value of working collectively with lenders and creditors to keep a distressed business whole and trading. Two contrasting approaches come instantly to mind, the Bondholders destruction of over a billion dollars of value in their mishandled bust up of Fred Cheng’s Golden Ocean (value Mr. Fredricksen astutely cashed in on) versus the Tsakos family’s elegant handling of their Global Ocean restructuring or even Ravi Mehrotra’s strong holding together of Amer Reefer, both of which returned far greater value to stake holders by remaining viable on-going concerns.
So as the restructurings of 2008 and 2009 come upon us that lesson would be well positioned in the front of everyone’s minds. It is not easy, peoples’ economic

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