HOLT REPORTS PROGRESS ON TALKS WITH CREDITORS
Members of the Holt family, whose business interests include stevedore operations in and near Philadelphia, have closed a settlement with Charles Stanziale, the trustee of the former Murphy Marine Services/Holt Group who represents creditors.
The settlement gives Stanziale a greater ability to “administer the estates, consolidate the cases and wind things down,” a spokesman for the Holt family said.
The trustee accomplished a settlement, approved Dec. 30, between the estates and its secured bank group.
The settlement and an earlier settlement approved last October “pave the way for a much more expeditious wind-up of the remaining claims and resolution of the Gloucester terminal operation,” the Holt family said.
Following the sale of other business activities formerly controlled by the Holt Group Inc., the Holt family’s business still operates the Packer Avenue Marine Terminal in Philadelphia, Pa., and a bulk terminal in nearby Gloucester, N.J.
One of the pending issues to be resolved between the Holt family and its creditors is the future ownership of the Gloucester terminal. However, a spokesman for Holt said that the terminal will continue to be operated by Holt.
The Holt Group entered Chapter 11 proceedings under the U.S. Bankruptcy Code in early 2001. Last year, Sea Star Line, the Jacksonville, Fla.-based shipping line, acquired the assets of Holt group affiliate Navieras and NPR, Inc., with the approval of the bankruptcy court. Various other assets of the group have been liquidated.