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Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events

NOTE Y – SUBSEQUENT EVENTS

In January 2016, we finalized the sale of two handysize vessels for cash proceeds of approximately $20.7 million, which was used to partially pay down the related debt of $25.1 million. These vessels were classified as held for sale at December 31, 2015 and had been written down to fair value less costs to sell.

In January 2016, we finalized the sale of a capesize bulk carrier for cash proceeds of approximately $10.1 million, which was used to pay off the related debt of $8.6 million. The additional proceeds from the sale of $1.5 million were used to pay down the outstanding principal balance on the handysize vessel discussed above. These vessels were classified as held for sale at December 31, 2015 and had been written down to fair value less costs to sell.

We exchanged our 25% shareholding interest in Oslo Bulk AS and our 23.68% interest in Oslo Bulk Holding Pte Ltd, which deployed fifteen mini-bulkers in the spot market or on short- to medium-term time charters, for a 2008 mini-bulker in February 2016, which we intend to use to service the contract in our Indonesian operations in our Specialty Contracts segment. As of December 31, 2015, we classified these investments in assets held for sale.

As of December 31, 2015, we classified as held for sale our 30% interest in Saltholmen Shipping Ltd, which was organized to purchase and operate two newbuilding chemical tankers, and our 30% interest in Brattholmen Shipping Ltd, which was organized to purchase and operate two asphalt tankers. We sold these investments in January 2016 for $5.7 million and $1.5 million, respectively.

In February of 2016, we were notified of the settlement of negotiations to which we have been a party since 2013. Under the terms of the settlement, we expect to receive approximately $0.4 million in March of 2016 related to casualties sustained on one of our ATB tug/barge units.

Subsequent to December 31, 2015, we executed additional amendments with each of our lenders and lessors. The substance of each of these amendments included extending the deadlines to certain transactions that were part of our Strategic Plan, including the sales of our inactive Jones Act barge, rail repair facility, certain contracts and the sale or sale leaseback of our New Orleans office building. In addition to approving the aforementioned extensions, certain of our lenders and lessors approved the substitution of the sale of certain assets, certain lower specified divestiture prices, and redefining the definition of EBITDA to include non-cash gains and losses.

In February of 2016, the Company received letters of default from three of our lenders, none of whom have accelerated payment of the indebtedness owed to them as of such date.