Bender owes 20 companies $37.6 million

Bender Shipbuilding & Repair Co. owes its 20 largest unsecured creditors more than $37.6 million, according to documents filed this week in U.S. Bankruptcy Court. Among them are a Middle Eastern technology company, a German maker of marine propulsion systems and several Mobile-based small businesses.
Bender, a 91-year-old Mobile business, filed for Chapter 11 reorganization a week ago, forced to take that action after four of its creditors filed suit in an effort to force Bender's liquidation to pay debts.
Bender has not yet revealed its debt-to-assets ratio in court, but creditors at last week's bankruptcy hearing said they are owed about $85 million.
Amounts owed to the unsecured creditors, or those who do not have collateral, range from $232,432.83 to Marine & Industrial Supply of Mobile to $14 million owed Tampa-based Maritrans Operating Co., though $3 million of the Maritrans debt is said to be secured.
A 2005 contract with Maritrans valued at about $500 million was canceled this past spring by Overseas Shipholding Group, which cited delivery delays. Bender has said it returned some partially complete components to OSG, which owns Maritrans.
Also on the unsecured creditors list is Houston-based GulfMark Offshore Inc., which led the effort to force liquidation.
Bender's bankruptcy attorney, Stewart Peck of New Orleans, has said he expects the unsecured creditors to receive most of what they are owed.
At least one creditor was hopeful. "Tom Bender is a credible and ethical individual, and he will meet his obligations," said John Adams, general manager of the Mobile-based employee outsourcing firm Job Crafters Inc. "It's just a matter of time."
Court records show Job Crafters is owed $3.9 million. Adams said Bender, a regular client, had routinely paid its bills until late 2008.
Tom Bender said he would not liquidate the company but would cut about 100 jobs.