INTERNATIONAL SHIPHOLDING CORPORATION (OTCMKTS:ISHCO) Files An 8-K Bankruptcy or Receivership

As previously reported by International Shipholding Corporation (the “Company”), on July 31, 2016, the Company and certain of its direct and indirect subsidiaries (the “Debtors”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Code in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors’ Chapter 11 cases are being jointly administered under the caption and case number, In re: International Shipholding Corporation, et al., Case No. 16-12220 (Jointly Administered).

On March 2, 2017, the Bankruptcy Court entered an order confirming the First Amended Modified Joint Chapter 11 Plan of Reorganization for International Shipholding Corporation and its Affiliated Debtors (the “Plan of Reorganization”). On July 3, 2017, all applicable conditions set forth in the Plan of Reorganization were satisfied or waived and the effective date of the Plan of Reorganization occurred (the “Effective Date”). The Company filed a Notice of Effective Date of the Plan with the Bankruptcy Court on July 3, 2017.

On the Effective Date, except as otherwise specifically provided for in the Plan of Reorganization, (i) any certificate, share, note, bond, indenture, purchase right, option, warrant or other instrument or document directly or indirectly evidencing or creating any indebtedness or obligation of or ownership interest in the Debtors giving rise to any Claim (as defined in the Plan of Reorganization) or Interest (as defined in the Plan of Reorganization), were cancelled as to the Debtors and (ii) the obligations of the Debtors , relating, or pertaining to any agreements, indentures, certificates of designation, bylaws or certificate or articles of incorporation or similar documents governing the shares, certificates, notes, bonds, purchase rights, options, warrants, or other instruments or documents evidencing or creating any indebtedness or obligation of the Debtors were released and discharged. The registered securities cancelled on the Effective Date include all of the Company’s common stock as well as the Company’s 9.50% Series A Cumulative Redeemable Perpetual Preferred Stock and 9.00% Series B Cumulative Redeemable Perpetual Preferred Stock.

The Company’s outstanding common stock and preferred stock was cancelled on the Effective Date and the holders of the Company’s outstanding common stock and preferred stock will not receive a distribution on account of their equity interests.

The Company intends to file a Form 15 with the Securities and Exchange Commission for the purpose of terminating the registration of its common stock and preferred stock under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Upon filing a Form 15, the Company will immediately cease filing any further periodic or current reports under the Exchange Act.

The information set forth in Item 1.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

About INTERNATIONAL SHIPHOLDING CORPORATION (OTCMKTS:ISHCO)
International Shipholding Corporation is a holding company. The Company, through its subsidiaries, operates a diversified fleet of the United States and international-flagged vessels that provide domestic and international maritime transportation services under medium to long-term time charters or contracts of affreightment. It operates through three segments: Jones Act, which deploys over two bulk carriers, over three integrated tug or barge units, each consisting of one tug and one barge, and one harbor tug acquired; one belt self-unloading coal carrier to transport coal under a time charter, and one vessel that transports molten sulfur under a contract of affreightment; Pure Car Truck Carriers (PCTCs), which deploys over five PCTCs, including over four United States flag vessels and one international-flagged vessel, and Rail-Ferry, which uses its two roll-on or roll-off special purpose double deck vessels that carry rail cars between the United States Gulf Coast and Mexico.