When the Cure Is Worse than the Disease

As part of its Chapter XI filing, U.S. Shipping Partners (“USSLP”) filed on April 29th a Plan Support Agreement, which as its name suggests outlines the terms under which the partnership agrees to use its commercially reasonable efforts to obtain Bankruptcy court approval of the pre-arranged Chapter 11 plan of reorganization and the secured lenders agree to cooperate in that regard.

Under the terms of this agreement, all existing partnership and other equity interests are cancelled and extinguished. The partnership will be reorganized as a Delaware corporation and new common stock and warrants to purchase new common stock shall

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