Capsule News Summary For January 10-16, 2005:
American Commercial Lines LLC (ACL) is set to emerge from Chapter 11 reorganization today (January 10), just under two years after filing for protection. The U.S. Bankruptcy Court, Southern District of Indiana, New Albany Division, confirmed the company's Plan of Reorganization.
"We are extremely pleased to complete this reorganization process," said Richard L. Huber, chairman and chief executive officer, in a company announcement. "The implementation of our Plan of Reorganization provides the best possible recovery for our creditors and ensures the company's future viability. Our efforts are now focused on completing the steps required to emerge from Chapter 11 on January 10, 2005."
Under the terms of the Plan, JP Morgan Chase Bank as administrative agent for various lenders, will continue to provide financing of approximately $364 million. ACL has also secured a $35 million revolver facility from Bank of America and UBS Securities LLC. Five-year Maritime Lien Holder Notes will be issued to holders of maritime liens or in the alternative, a cash payout of 50 cents on the dollar. Equity in ACL will be transferred to the holders of approximately $278 million of pre-petition bonds and other unsecured creditors in satisfaction of their claims….
In two separate incidents, barges broke away January 6 on the Ohio River, coming to rest on the Pike Island and Belleville Locks and Dams. Two other barges were reported to be up against the P&LE Railroad Bridge at Mile 25.7.
Upstream of Pike Island, Mile 84.3, fourteen barges were reported to have broken loose from an American Electric Power plant at 6 a.m. Three empties went through the dam and were caught by the towboat Boonesboro.
However, two coal loads and six empty barges wound up jammed against the dam. One of the loads was sinking slowly, a lockman said, and was pressed against gate No. 4….
Work continues on the auxiliary lock miter gates at Mel Price Lock and Dam that were damaged when the locks traveled past the miter position in early October 2004 for unknown reasons.
The auxiliary lock was closed and dewatered as a result and precautions were taken to ensure the reliability of the main chamber. A helper boat has been stationed to assist tows and work on minor repairs, found to be necessary after an inspection of the main chamber.
The crane Hercules from the Rock Island Engineer District was used last year to lift the gates out of the water and secure the gates vertically on barges.
Last week the crane barge Shreve was used to lay the gates down in a horizontal position on barges, positioning them on structural steel supports….
The Coast Guard is continuing to investigate an accident where the 793-foot tanker Tsunami struck a pier on the west bank of the Mississippi River in Westwego, La.
The Eighth District Coast Guard was notified by the Jefferson Parish Sheriff's Office at about 11:45 a.m. that they had received a report that the tanker appeared to be out of control on the river and had struck a marine terminal along the west bank of the river.
Eighth District spokeswoman Stacey Pardini said the Marine Safety Office in New Orleans was notified of the collision from a watchstander on scene at 11 a.m.
No injuries were reported ashore or on the Maltese-flagged tanker. Drug and alcohol tests have been administered and are pending.
No navigation restrictions or delays occurred as a result of the incident….
Neil Diehl, 74, former president and chief executive officer of Ingram Barge Company, died January 3 in a car accident near Belle Meade, Tenn.
Diehl's tenure in marine management began in 1974 when he was vice president, then president and chairman of the board of Ohio Barge Line Inc. and Warrior & Gulf Navigation, both subsidiaries of U.S. Steel, until 1984. From 1984 to 1994, he was chairman and chief executive officer of Ingram Barge Company. He joined Ingram when the company bought assets of Ohio Barge Line in 1984.
Diehl graduated from Penn State University with a bachelor's degree in civil engineering. He had worked with Bethlehem Steel Corporation and was an Air Force officer. He worked for U.S. Steel in 1956.
He also was a founding member and past chairman of DINAMO, the Association for the Development of Inland Navigation in America's Ohio Valley. He was also an initial appointee to the federally mandated Inland Waterways Users Board in 1987 and served through 1992….
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