San Jose Bankruptcy Attorney comments on another Florida casino cruise ship operator filing for bankruptcy protection.
San Jose Bankruptcy Attorney comments on another Florida casino cruise ship operator filing for bankruptcy protection.
Sun Cruz, a Florida casino ship operator that sails from Port Canaveral, has filed for Chapter 7 bankruptcy protection. This is the second casino ship operator in Florida to file for bankruptcy protection this year, and a sign that the deepening recession is hitting the tourism economy of South Florida very hard.
In its bankruptcy court filing, Oceans Casino Cruises Inc. , the parent company of Sun Cruz, said it plans to seek a Chapter 7 liquidation and raise funds through the sale of its assets, which consists mostly of the five casino ships it owns. The Chapter 7 liquidation process primarily involves the sale of a company’s assets and the proceeds of the sale are distributed to the company’s creditors who then relinquish their claims as part of the bankruptcy discharge granted by the court. A Chapter 7 bankruptcy is also known as a “straight bankruptcy” since most filers are looking for a clean slate and are not trying to retain assets in the bankruptcy. A Chapter 11 bankruptcy filing is a corporate reorganization, where a company is trying to reorganize its debts and continue operations with a restructured debt agreement.
Sun Cruz has nearly more than 1000 employees on its five ships and the last one sailed on December 13, 2009. Since that cruise, the company has been moving its vessels from Jacksonville and South Carolina to Port Canaveral in advance of the bankruptcy filing.
Sun Cruz Files for Chapter 7 Bankruptcy, floridatoday.com, December 29, 2009
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