MOST OF HOLT GROUP TO BE LIQUIDATED
The Holt Group Inc., the Gloucester City, N.J.-based container shipping, stevedoring, warehousing and trucking group, together with subsidiaries and affiliates, will be liquidated.
The group has been under Chapter 11 protection under the U.S. Bankruptcy Code since the beginning of 2001.
The group and about 20 of its subsidiaries and affiliates, controlled by the Holt family, are concerned by the decision to liquidate.
The companies involved are: Holt Group Inc., Holt Hauling and Warehousing System Inc., Holt Cargo Systems Inc., The Riverfront Development Corp., Murphy Marine Services Inc., Wilmington Stevedores Inc., San Juan International Terminals Inc., New-Port Stevedores Inc., Borinquen Maintenance Inc., NPR Holdings Corp., NPR Inc., NPR-Navieras Receivables Inc., NPR S.A. Inc., CRT Inc., Dockside International Fish Co. Inc., Oregon Avenue Enterprises Inc., 777 Pattison Avenue Inc., Pattison Avenue Warehouse Corp., Refrigerated Distribution Center Inc., BH Sobelman & Co., Refrigerated Enterprises Inc., Triple Seven Ice Inc. and Broadway Equipment Leasing Corp.
Earlier this 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.
Commenting on the liquidation of the group, Paul Ricotta, counsel for the bondholders with the senior claims on the Gloucester marine terminal, said that this event “will put a neutral party in a position to effectuate the resolution of the claims in this case.”
“The trustee will be empowered to address issues and actually get something done,” he added.
However, a spokesman for the Holt group said that some activities of the Holt group are not affected by the decision, and will continue trading. These include Gloucester Refrigerated Warehouse and some activities — although not the freehold — of the Packer Avenue Marine Terminal in Philadelphia.
Leo Holt remains president of Gloucester Refrigerated Warehouse.
