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Oakland's Outer Harbor Terminal LLC files for bankruptcy
OAKLAND'S Outer Harbour Terminal LLC has filed for Chapter 11 bankruptcy protection, two weeks after terminating its lease held in a joint venture with Ports America, Reuters reports.
Last month, Ports America, one of the largest marine cargo operators in the country, said it was shifting its business from the Oakland port to Los Angeles and Long Beach.
In a Chapter 11 petition filed in US Bankruptcy Court in Delaware, Outer Harbour Terminal, which operates part of the Oakland port, listed both assets and liabilities of between US$100 million and $500 million.
The Port of Oakland, located on the shore of San Francisco Bay, was one of the first ports in the world to specialise in intermodal container operations.
It was widely reported that Ports America rather than its joint venture partner, Outer Harbor Terminals, had filed for bankruptcy.
To which Ports America said: "In response to several news articles following an announcement by the Port of Oakland, we find it necessary to provide corrected information so readers and the public will not be given the inaccurate impression about Ports America.
"Ports America did not file bankruptcy. Outer Harbour Terminal LLC in Oakland was the entity that filed for Chapter 11, not Ports America," said the statement.
Last month, Ports America, one of the largest marine cargo operators in the country, said it was shifting its business from the Oakland port to Los Angeles and Long Beach.
In a Chapter 11 petition filed in US Bankruptcy Court in Delaware, Outer Harbour Terminal, which operates part of the Oakland port, listed both assets and liabilities of between US$100 million and $500 million.
The Port of Oakland, located on the shore of San Francisco Bay, was one of the first ports in the world to specialise in intermodal container operations.
It was widely reported that Ports America rather than its joint venture partner, Outer Harbor Terminals, had filed for bankruptcy.
To which Ports America said: "In response to several news articles following an announcement by the Port of Oakland, we find it necessary to provide corrected information so readers and the public will not be given the inaccurate impression about Ports America.
"Ports America did not file bankruptcy. Outer Harbour Terminal LLC in Oakland was the entity that filed for Chapter 11, not Ports America," said the statement.
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