US Shipping Partners LP (fka USSPQ)

[ScovilleUnits]

LOL, I picked up on it right away.

I like your new siggy pic too and hey, even had thoughts that maybe one of your prior gators, one with the cigar, might work again... lol.

At this point I’m thinking I’m going to end up losing a little money here. I previously tried trading for free shares but never got there…not free. I think I’m left with a little hanging at an avg. cost of around 37 cents a share. Heck, I could have sold it all for some profit but didn’t...avg down instead.

Take free money (profit) from a trade or hold free or reduced cost shares from the trades in hopes of lager gains with low monetary exposure later on down the road? Looks like I chose the wrong option this go around…lol!

GLTY...See ya out there on the iHub boards, Man!
Scov

[Seminole Red]

just an old 'redfisher....i resigned as mod...

[ScovilleUnits]

LOL….InvestiGator, huh?

I like it.

Yep, looks like they milked it to the max divy'ing right up to the very last moment before wiping the slate clean.

[Seminole Red]

ALL SHARES CANCELLED DUE TO BANKRUPTSY....

[Seminole Red]

i guess that big divvie they gave last year shut em down....glad i got out.

[ScovilleUnits]

Thanks for the adding the Q

And hey Redfisher, if you want to log me in as an assistant for the weekend I’ll try and fix the charts. Just thinking that might be respectful to iHub and/or others that might take a look here moving forward.

btw, thank you again for sitting in as Mod.

Respects,
Scov.

[ScovilleUnits]

Files Chapter 11 Protection

8-K: http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6291048

U.S. Shipping Partners L.P. Files for Chapter 11 Protection With Pre-Arranged Restructuring Plan

Thursday , April 30, 2009 09:00ET

EDISON, NJ -- (Marketwire) -- 04/30/09 -- U.S. Shipping Partners, L.P. (PINKSHEETS: USSPZ) (the "Company") announced today that it is voluntarily seeking relief to reduce and restructure its debts under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The bankruptcy filing was made with a "pre-arranged" restructuring plan, supported by a substantial majority of the Company's secured lenders and noteholders, that will reduce its leverage and improve its liquidity. The voluntary pre-arranged filing allows the Company to continue its operations in the normal course through the financial restructuring process, providing uninterrupted service to its customers.

As previously reported, recent market conditions have placed increased pressure on the Company's cash flow from operations, including a significant drop in demand and greater competition. The decision to pursue reorganization under chapter 11 came after extensive efforts to improve the Company's liquidity and pursue strategic alternatives.

"Our commitment to providing safe, reliable and timely service is as strong as ever and our customers will receive the same superior service they have come to expect from our highly trained and seasoned employees," said Ron O'Kelley, CEO of U.S. Shipping Partners. "This restructuring process will provide the operational flexibility necessary to manage through the current challenges we face in our industry, while allowing us to continue to modernize our fleet and build on our leading position," O'Kelley continued.

As stated in the filing, U.S. Shipping Partners, L.P. and holders of more than two-thirds of its first and second lien debt have reached a consensual restructuring agreement. The restructuring plan, among other things, provides that $100 million of second lien debt will be exchanged for 50% of the equity of the reorganized company, maintains its first lien debt in place at an improved rate of interest, with the holders of the first lien debt receiving 50% of the equity of the reorganized company, and permits the Company to fund its operations through the bankruptcy period by accessing its approximately $15 million cash balance. In addition, a management equity plan will be established such that the management of the reorganized company will receive up to 10% of the equity, which will dilute equally the equity being given to the first and second lien debt holders. The existing and outstanding common units, subordinated units and general partnership interests of the Company will be cancelled without the payment of any amount to the holders thereof. The Company expects that it will complete its restructuring process during the third quarter of 2009.

The Company has filed a variety of first day motions with the Court that, with Court approval, will allow it to continue to conduct business without interruption. These motions are primarily designed to minimize any impact on the Company's customers and employees. During the reorganization process, suppliers and subcontractors should expect to be paid for post-petition purchases of goods and services in the ordinary course of business.

[ScovilleUnits]

8-K - Forbearance Agreement extending to April 30th.

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6216887

[Soapy Bubbles]

Interesting news.

[Seminole Red]

U.S. Shipping Partners Senior Secured Noteholders Represented by Bracewell & Giuliani LLP
02/26 3:41 am (PR)



Waive Interest Payments NEW YORK--(BUSINESS WIRE)--February 26, 2009--
In its Form 8-K filed on February 12, 2009, U.S. Shipping Partners L.P. ("USSP"; ticker USSPZ:US) announced that it was in good faith negotiations with the administrative agent (the "Agent") and the lenders (the "Lenders") under its Third Amended and Restated Credit Agreement dated as of October 20, 2008 (the "Credit Agreement") regarding restructuring and strategy alternatives. In its Form 8-K filed on February 17, 2009, USSP announced that it did not make the $6.5 million interest payment due on February 15, 2009 in respect of its 13% senior secured notes due 2014 (the "Notes"; ticker USS.GB; CUSIP 903414AB6). In order to facilitate USSP's negotiations with the Agent and the Lenders, and discussions with representatives of the holders of the Notes, the holders of 91.29% of the Notes (and potentially more over the next several days) executed and delivered directly to USSP and the Agent a letter waiving their February 15 interest payments and all subsequent interest payments until the earlier to occur of (i) 6 months after the payment in full of all amounts owing in respect of the Credit Agreement and (ii) the occurrence of an insolvency event. A copy of the form of waiver letter accompanies this release.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5905824&lang=en

CONTACT: Bracewell & Giuliani LLP


Evan Flaschen,
860-256-8537
[e-mail]

SOURCE: Bracewell & Giuliani LLP Copyright Business Wire 2009

(END)

[Soapy Bubbles]

*CRY* Oh well, thanks for the update.

[Seminole Red]

thanks for keeping us up scovie....

[ScovilleUnits]

Another 10 day extenstion… 8-K

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6130200

Effective as of February 9, 2009, the Partnership and its lenders amended:

• the Waiver and Fourth Amendment to Third Amended and Restated Credit Agreement, dated as of October 20, 2008, to extend the lenders’ waiver of any potential defaults under the financial covenants in the Partnership’s senior credit agreement for the quarters ended September 30, 2008 and December 31, 2008 through the earlier of (i) February 20, 2009 and (ii) the date on which the Partnership makes an interest payment in respect of its senior notes; and

• the Forbearance Agreement entered into with holders of a majority-in-interest of the outstanding loans under the senior credit agreement on December 30, 2008 to extend the termination date to the earliest to occur of (i) 5:00 p.m. (Eastern time) on February 20, 2009; (ii) the date on which the Partnership makes an interest payment in respect of its senior notes; (iii) the occurrence and continuance of any event of default other than the Partnership’s failure to make the December 31, 2008 principal and interest payments under the senior credit facility; and (iv) the failure by the Partnership to comply with any of the provisions of the Forbearance Agreement.

Prior to this extension the waiver and the Forbearance Agreement were to expire on February 10, 2009.

In accordance with the terms of the Forbearance Agreement, the Partnership is currently engaged in good faith negotiations with the administrative agent and the lenders regarding restructuring and strategic alternatives. There can be no assurance that the Partnership’s negotiations with the lenders will be successful, or that the lenders will not declare all outstanding obligations under the senior credit agreement to be immediately due and payable and pursue their rights and remedies under the senior credit agreement upon termination of the Forbearance Agreement on February 20, 2009.

[ScovilleUnits]

Found a report by Reuters dated Feb 9, 2009.

Not sure if it will be accessible but we’ll give er a try. It’s a PDF... http://www.vanguard.wallst.com/vanguard/getDMReport.asp?docTag=AA120&rptType=invStory

[Soapy Bubbles]

Nothing at 10 days... maybe tomorrow?

[Seminole Red]

at least there was some volume today...around 30k shares @.24 cents.....

[ScovilleUnits]

Well, 10 days will be over in 2 hours EST.

Thought we would have heard something by now. Then again, maybe they have a warped sense of humor and are waiting to release the news on Friday…this special once a year Friday?

[Seminole Red]

i guess we will see in 10 days...

[Soapy Bubbles]

Dunno... but the wording is the kind you'd have on a re-fi deal.

[ScovilleUnits]

Agree, but 10 days?

That seems a bit odd?

Hey, maybe they'll fix what's broke and start paying investors the dividend again on day 11?

[ScovilleUnits]

Redfisher, I don’t grasp it in all it’s detailed glory but as best as I can tell after continuing to fail to meet the rules and regs set for loan repayments the lenders continue to figure it’s cheaper to keep her and once again extend the due date…but only by 10 days? That seemed a bit strange to me. Perhaps the near term conclusion, good or bad, is within 10 days away?

Following overview off page 34 of the last 10Q - - - - - -->

Amendment to Senior Credit Facility

On October 20, 2008, the Partnership and its lenders amended the Partnership’s Senior Credit Facility. The material changes to the Senior Credit Facility include:

•
The lenders waived any potential defaults under the financial covenants for the quarters ended September 30, 2008 and December 31, 2008 through January 31, 2009.

•
The margin over LIBOR that the Partnership pays as interest on its borrowings was increased from 3.5% to 5.25%, and a floor on the LIBOR rate of 3.25% was established, meaning that the minimum cash interest rate on our borrowings will be 8.5%.

•
The Partnership will pay an additional 1.5% per annum in interest on outstanding borrowings, which additional interest will be paid-in-kind (“PIK interest”), and under certain circumstances the PIK interest rate will increase to 4.5% on January 31, 2009.

•
A new financial covenant was added to the credit agreement that requires the Partnership to have cumulative Consolidated EBITDA (as defined in the Senior Credit Facility) for the period beginning September 1, 2008 and ending on the specified date as follows:

Month Ending             Cumulative Consolidated EBITDA 
 October 31, 2008              $                  4,000 
 November 30, 2008             $                  6,000 
 December 31, 2008             $                  9,000 
 January 31, 2009              $                 13,000

•
The grace period before a payment default in respect of other indebtedness having a principal amount in excess of $1.0 million becomes an event of default under the senior credit agreement was eliminated.

•
The Partnership is not permitted to pay any distributions on its common units until all borrowings under the senior credit agreement are paid in full.

[Soapy Bubbles]

Basically they are stalling while both parties figure how to handle it properly. (As not to default on the payment and hose both.)

[Soapy Bubbles]

They are working on making sure they don't default. This buys them time to hash out a re-fi or new terms.

[Seminole Red]

im confused ....what does that mean...

[ScovilleUnits]

8-K...Financing extended an additional 10 days?

Amendment of Credit Agreement

On January 29, 2009, the Partnership and its lenders amended the Waiver and Fourth Amendment to Third Amended and Restated Credit Agreement, dated as of October 20, 2008, to extend the lenders’ waiver of any potential defaults under the financial covenants in the Partnership’s senior credit agreement for the quarters ended September 30, 2008 and December 31, 2008 through February 10, 2009. Prior to this extension the waiver was to expire on January 31, 2009.

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6097435

[Seminole Red]

up another 4 cent today....21% is good money

[Seminole Red]

yea....let it run a little and investors will come out of the woodwork....

nice pop today for those that had it....

[ScovilleUnits]

LOL, I see 12 bookmarks so….

I’m thinking at least 9 additional people are, or were, alive on the planet earth interested in this stock. :o)

Up 31% today? To the moon tomorrow?

Respects and Best Wishes to All!
Scov

[Seminole Red]

here ya are....UP 6 CENT TODAY....31%

4 years ago $27.95

3 years ago $21.00

2 years ago $21.00

1 year ago $10.50

august of 08 $2.15

[Soapy Bubbles]

LOL that'd be nice. I think we're the only three on the ship!

[ScovilleUnits]

Refisher, you took the helm. Thanks!

Here’s hoping for the turn around stock of the century… 2009 will be U.S. Shipping Partners’s.

I hope…lol


[Suppressed Sound Link]

[Seminole Red]

CHTR and SIRI are cheap

[Soapy Bubbles]

No clue. Etrade is still lagging.

[Seminole Red]

4 cent equals 21% down....that would be a good up....

[Soapy Bubbles]

Just trying to find the cheap ones... Tough to bottom call this one.

[Seminole Red]

how can it be down 4 cents with NO volume

[Seminole Red]

with no movement theres not alot to watch.....this a long long term

[Soapy Bubbles]

Cool. Redfisher has it... I am still following but have too many forums already!

[Seminole Red]

heck ..i cant even find a good quote on it ...lol

[ScovilleUnits]

Hey Redfisher, it’s all yours man!

The iBox, Mod, Assist, etc from Soapy’s good faith gesture that is although I do still have the board marked with continued interest and a small holding in the company. I’m simply not in the mood to Mod any board/s at this time so I deleted my name as assistant.

GLTY!!
Scov

[Soapy Bubbles]

Scoz and Red -- you're assts now and I leave the forum in your hands. Good luck -- this should have been a good stock for us.

[ScovilleUnits]

U.S. SHIPPING TAKES DELIVERY OF GOLDEN STATE, FIRST-OF-CLASS IN NEW FLEET OF PRODUCT TANKERS FOR US JONES ACT TRADE

8-K: http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6072190

EDISON, NJ, January 13, 2000 — U.S. Shipping Partners L.P. (PINKSHEETS: USSPZ) (the “Partnership”) announced today that its joint venture for the construction of five US Flag product/chemical tankers took delivery of the product tanker Golden State. The Golden State is the first of a class of five 49,000 DWT product carriers being built for the joint venture by General Dynamics’ NASSCO division. At a length of 600 feet, the ship has a cargo capacity of approximately 331,000 barrels and will be used to carry petroleum and chemical products between US ports. The ship is named in honor of the State of California.

U.S. Shipping Partners, which will manage the operation of the Golden State on behalf of the Joint Venture, said that the Golden State will begin operations on a long term charter with BP later this week. The joint venture is owned by U.S. Shipping Partners and third parties led by affiliates of The Blackstone Group.

The Golden State was christened in a ceremony at the NASSCO shipyard on Saturday, January 10, by Mrs. Sarah Ridgway, wife of Mr. John Ridgway, CEO of BP Shipping Ltd.

Mr. O’Kelley, President and CEO of US Shipping Partners, commended Mr. Fred Harris, President and CEO of NASSCO, for delivering this first-of-class product tanker 6 months ahead of its original schedule and below budget, while still meeting or exceeding all quality requirements. Mr. O’Kelley emphasized that “U.S. Shipping is committed to operating one of the most modern, efficient and reliable fleets in the Jones Act trade. The delivery of the Golden State is an important milestone in our program to upgrade our fleet. And, very importantly, it extends our long term partnership with BP.”

The Partnership also announced that as part of its overall strategy to modernize its fleet and replace its older ships it had completed the sale of the ITB Groton at the end of 2008. The Partnership has now taken delivery of 3 new ATBs and 1 new product tanker and is scheduled to take delivery of another ATB and two additional product tankers this year.

About U.S. Shipping Partners L.P.

U.S. Shipping Partners L.P. is a leading provider of long-haul marine transportation services for refined petroleum, petrochemical and commodity chemical products in the U.S. domestic “coastwise” trade. The Partnership’s existing fleet consists of eleven tank vessels: four integrated tug barge units; one product tanker; three chemical parcel tankers and three ATBs, the first of which entered service in July 2007, the second entered service in August 2008 and the third entered service in early December 2008. The Partnership also operates one product tanker on behalf of its joint venture. The Partnership has embarked on a capital construction program to build additional ATBs and, through a joint venture, additional tank vessels that upon completion will result in the Partnership having one of the most modern versatile fleets in service. For additional information about U.S. Shipping Partners L.P., please visit www.usslp.com.

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership, which may cause its actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties are discussed in detail in the Partnership’s filings with the SEC and include, among other things, increased financing costs, no occurrence of an event of default under our credit agreement that would allow our lenders to immediately exercise their remedies under the credit facility, our liquidity, future charter rates, demand in the spot market for vessels and timely and on-budget delivery of our remaining ATB and the joint venture tankers currently under construction.

Contact Information:

Dennis Fiore
U.S. Shipping Partners L.P.
1-866-467-2400

[Soapy Bubbles]

It does do prints... Now I need to see if it's for individual trades.

[ScovilleUnits]

Are you saying Etrade Pro shows individual trades throughout the day?

I keep telling myself to pick up the phone and call the toll free number listed on the IR page in the Company’s Home Site….1-866-467-2400 or via e-mail at [e-mail]

Wonder where what little volume that there seems to be is coming from? Some apparently internal via F-4s and the like?

Pulled the historicals off Pinksheets to find an average of around 5,441,760 / 64 trade days = 85,000 shares per day.

	  Date	         $	Volume 
 	1/8/2009	0.14	40,838 
 	1/7/2009	0.19	53,080 
 	1/6/2009	0.19	56,568 
 	1/5/2009	0.165	28,914 
 	1/2/2009	0.13	37,906 
 	12/31/2008	0.125	127,870 
 	12/30/2008	0.14	155,336 
 	12/29/2008	0.145	175,049 
 	12/26/2008	0.14	212,904 
 	12/24/2008	0.14	131,079 
 	12/23/2008	0.14	110,449 
 	12/22/2008	0.12	86,842 
 	12/19/2008	0.17	57,683 
 	12/18/2008	0.17	76,878 
 	12/17/2008	0.18	62,364 
 	12/16/2008	0.16	53,670 
 	12/15/2008	0.235	87,399 
 	12/12/2008	0.18	102,798 
 	12/11/2008	0.19	90,898 
 	12/10/2008	0.19	59,432 
 	12/9/2008	0.18	65,587 
 	12/8/2008	0.3	86,420 
 	12/5/2008	0.15	19,840 
 	12/4/2008	0.2	46,471 
 	12/3/2008	0.24	49,140 
 	12/2/2008	0.13	81,750 
 	12/1/2008	0.3	63,135 
 	11/28/2008	0.35	15,129 
 	11/26/2008	0.35	40,483 
 	11/25/2008	0.28	64,611 
 	11/24/2008	0.2	103,631 
 	11/21/2008	0.14	73,385 
 	11/20/2008	0.08	64,846 
 	11/19/2008	0.05	78,618 
 	11/18/2008	0.05	157,313 
 	11/17/2008	0.1	54,184 
 	11/14/2008	0.2	32,332 
 	11/13/2008	0.2	140,250 
 	11/12/2008	0.13	99,018 
 	11/11/2008	0.25	49,565 
 	11/10/2008	0.32	78,506 
 	11/7/2008	0.4	61,516 
 	11/6/2008	0.56	0 
 	11/5/2008	0.56	172,228 
 	11/4/2008	0.62	162,604 
 	11/3/2008	0.7012	54,775 
 	10/31/2008	0.71	147,289 
 	10/30/2008	0.84	60,951 
 	10/29/2008	0.7027	40,373 
 	10/28/2008	0.69	77,203 
 	10/27/2008	0.75	41,020 
 	10/24/2008	0.82	66,704 
 	10/23/2008	0.9	36,729 
 	10/22/2008	0.91	27,104 
 	10/21/2008	0.94	73,282 
 	10/20/2008	1.1	103,274 
 	10/17/2008	0.95	46,898 
 	10/16/2008	0.86	55,434 
 	10/15/2008	0.94	46,976 
 	10/14/2008	0.99	121,931 
 	10/13/2008	0.96	92,234 
 	10/10/2008	0.76	137,144 
 	10/9/2008	0.67	392,657 
 	10/8/2008	0.88	151,173	 
 		       5,441,670

[Soapy Bubbles]

I noticed Etrade Pro seems to cover it during the day. I complained and I think they are starting L2 properly.

[ScovilleUnits]

FWIW… 30-day Chart off Pinksheets.com (links to PK.com)

Darn thing has obviously been trading yet the lack of any intra-day data remains absent. At least for me, I can’t find one site showing intra-day volume, pps activity, etc.

[ScovilleUnits]

8-K (didn't pay principal/interest due 12-31-08)

ITEM 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement.

The Partnership did not pay the principal or interest payment due on December 31, 2008 under its senior credit agreement. As a result of the Partnership’s failure to pay such amounts, an event of default has occurred under the senior credit agreement and, subject to the Forbearance Agreement referred to below, lenders holding a majority-in-interest of the outstanding loans may at any time direct the administrative agent to declare all outstanding obligations under the senior credit agreement to be immediately due and payable and to pursue their rights and remedies under the senior credit agreement. At December 31, 2008, an aggregate of $332.6 million was outstanding under the senior credit agreement. However, holders of a majority-in-interest of the outstanding loans under the senior credit agreement have entered into a forbearance agreement (the “Forbearance Agreement”) with the Partnership pursuant to which they agreed to forbear from taking any action or exercising any right or remedy permitted to be taken or exercised under the senior credit agreement and related loan documents as a result of the Partnership’s failure to make the December 31, 2008 principal and interest payments under the senior credit agreement. The Forbearance Agreement will terminate on the earliest to occur of (i) 5:00 p.m. (Eastern time) on February 10, 2009; (ii) the occurrence and continuance of any event of default other than the Partnership’s failure to make the December 31, 2008 principal and interest payments under the senior credit facility and (iii) the failure by the Partnership to comply with any of the provisions of the Forbearance Agreement. During the term of the Forbearance Agreement, the Partnership has agreed to engage in good faith negotiations with the administrative agent and the lenders regarding restructuring and strategic alternatives which shall include a possible sale of the Partnership. Failure of the Partnership to conduct such good faith negotiations shall constitute an event of default and result in a termination of the Forbearance Agreement. This summary of the Forbearance Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the Forbearance Agreement filed herewith and incorporated by reference herein. The full text of the Forbearance Agreement is set forth in Exhibit 10.1 to this Form 8-K and you are urged to read the waiver and amendment in its entirety.

There can be no assurance that the Partnership’s negotiations with the lenders will be successful, or that the lenders will not declare all outstanding obligations under the senior credit agreement to be immediately due and payable and pursue their rights and remedies under the senior credit agreement upon termination of the Forbearance Agreement. The lenders’ prior waiver of any potential defaults under the financial covenants set forth in the senior credit agreement for the quarters ended September 30, 2008 and December 31, 2008 will expire January 31, 2009, which will result in the occurrence of an event of default under the senior credit agreement, and a termination of the Forbearance Agreement, absent an additional waiver or agreement to forbear by the lenders. There can be no assurance that the lenders will not accelerate the outstanding obligations and pursue their remedies under the senior credit agreement after January 31, 2009.

-----------------------------------------------------------------

The Partnership’s failure to make the December 31, 2008 principal and interest payments under the senior credit facility constitutes an event of default under the Partnership’s interest rate swap agreements. As a result, the counterparty to each interest rate swap agreement may, upon prior notice, elect to terminate such agreement early. If the Partnership’s interest rate swap agreement with the administrative agent is early terminated, the Partnership estimates it would owe approximately $14.9 million under such agreement. If the Partnership’s interest rate swap agreement with Lehman Brothers Special Financing Inc. is early terminated, the Partnership estimates it would owe approximately $9.9 million under such agreement. There can be no assurance that the counterparties to these interest rate swap agreements will not early terminate the agreements and seek payment of these obligations, which are secured by all the assets of the Partnership; however, due to the Forbearance Agreement, the counterparties would be unable to require the administrative agent to foreclose on the Partnership’s assets during the term of the Forbearance Agreement.

-----8K---->>>> http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6056893

[Seminole Red]

i think the company has to adhere to some type of filing for change

[Soapy Bubbles]

No clue... I thought OTC/PK (Units, or anything) got proper quotation. Guess I was wrong...

[Seminole Red]

so why they do that