New Orleans

pay debt with $25M in overturned boat’s insurance – New Orleans CityBusiness – New Orleans, Louisiana

New Orleans, Louisiana 2021-06-21 08:34:11 –

The owner of an offshore oilfield vessel that overthrows Louisiana plans to insure the vessel $ 25 million to repay part of the Texas company’s debt.

Seacor Power is a murdered male family lawyer Turned over I’m worried that in April, less money will be available to make up for the loss. TheTimes-Picayune / The New Orleans Advocate report.

6 men rescued, 6 bodies found, 7 men Missing It was estimated that he died after the wreck.

Seacor Power is a “lift boat” with legs that can be lowered to the bottom of the sea, lifting the ship itself above the surface of the water as a temporary work platform. It turned over as the crew was trying to lower their legs and turn them into strong winds, according to a National Transportation Safety Board investigator.

Houston’s Seacor Marine Holdings Inc. explained the plan at securities filing last week, the newspaper reported. The contract with the lender, JPMorgan Chase Inc, uses hull and machinery insurance to pay $ 25 million in installments and settle debt in excess of $ 117 million.

Ian Taylor, a lawyer representing the families of some survivors and victims, said he intends to thwart the move and claim income from hull and machinery insurance.

The law firm’s clients are among those who have filed at least 14 proceedings against Seacor Marine, its subsidiaries, and Talos Energy, the owner of the oil platform that Seacor Power was heading for.

Seacor Marine will pay about $ 15 million to a rescue company looking for survivors and has recently planned to assess the damage and retrieve the wreckage, the newspaper reported.

Coast guard said last week The rescue team had to disconnect the boat and was sunk under each section when the submersible barge was cut off, then resurfaced and carried the section to the shore.

The Coast Guard introduced Friday’s call for updates to Seacor, but did not immediately respond to inquiries from the Associated Press.

The company has filed a federal proceeding under the 1851 Admiralty Law, which limits the damages of death and personal injury to a total of $ 5.7 million, in situations where the owner could not foresee or take preventive measures. did.

Lewis Kullman Sterbcow and Taylor of Abramson said the company challenged Seacor Marine’s attempt to limit liability and requested the court to add $ 25 million in insurance to the company’s liability fund.

Frank Spanoretti, a lawyer who has filed several proceedings in Texas, said Seacole’s move to protect insurance payments would not work for survivors.

“They have moved the company to limit their responsibilities to $ 5.7 million, but would find it unpleasant to take care of their own financial situation before considering the victims and loved ones of the dead. “He said.

The company declined to comment beyond the statement to investors.

In that statement, Seacor Marine CEO John Gelert said, “We are still focused on responding to the Seacor Power incident and will complete the restoration work in July.”

“We continue to mourn for our crew, our partners, and the loved ones of the lost,” he added.

Click to sign up for a free City Business update Here..

pay debt with $25M in overturned boat’s insurance – New Orleans CityBusiness Source link pay debt with $25M in overturned boat’s insurance – New Orleans CityBusiness

Back to top button