Esco Marine, a ship dismantling firm located in Brownville, Texas, is seeking to reorganize following its filing of Chapter 11 bankruptcy protection in March 2015. That case is pending before the U.S. Bankruptcy Court for the Southern District of Texas.
According to the Brownsville Herald, in an April 29, 2015, filing with the bankruptcy court, an application for the authority to retain professionals to operate the company was filed, with Esco saying turnaround specialist AP Services LLC has been hired to restart the company.
Earlier Herald reports indicate the company was unable to repay a $31.4 million loan and closed its operation in late February 2015. Esco filed bankruptcy protection March 7, 2015, to protect itself against the Canadian firm Callidus Capital Corp., which specializes in providing loans to at-risk companies and had called in its loan to Esco.
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