LYKES BROS Steamship Co will receive additional subsidy payments in excess of $2-million (R8,8m) following an audit by the Maritime Administration.
Receipt of these funds will go a long way toward stabilising the cash situation, according to c.e.o. Joe Freeman.
GATX Corp. and Gilman Financial Corporation, two large and well-established US corporations, will control the reorganised debtor. Canadian Pacific Limited, whose substantial assets in the US include rail lines in 30 states, will acquire certain of LBS's assets.
The reorganised LBS will be named Sea Crews II and will be owned by GATX and Gilman, making it a purely US company independent of foreigners.
