Athens-headquartered Toisa Ltd, led by 79-year-old shipping magnate Gregory Callimanopulos, has sought Chapter 11 bankruptcy protection in New York after Citibank called its loans. It is the largest shipowner insolvency case filed in the United States in almost three years and could be a sign of things to come. Following a wave of large-scale shipping bankruptcies in 2011-14 (General Maritime, Overseas Shipholding Group, Excel, Genco, Eagle Bulk), Chapter 11 activity over recent years has featured small and medium-sized debtors (International Shipholding, Sobelmar, GMI, Primorsk) that had significantly lower liabilities than Toisa.
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