Haimark Wishes To Cancel Insolvency Filing By Week’s End

It appears Chapter 11 might have been a temporary hiccup for Haimark Line.Less than a week after submittingdeclaring bankruptcy defense, company authorities say the company is about to strike the rewind button.Haimark Line Ltd. submitted in the US Personal bankruptcy Court for Colorado on Oct. 30, citing an unsolved insurance coverage claim stemming from the June 19 mishap including its only ship, the 210-passenger St. Laurent. The ship crashed into the lock walls tryingattempting to travel through the St. Lawrence Seaway on one of its first cruises.The ship was in drydock for repair works for a month and four St. Lawrence

River-based cruises were cancelled.The insurance claim issue is with Clipper Cruises, the owner of the St. Laurent, as a result of

the accident.Haimark points out significant financial obligations owed including $782, 772 to Haimark Ltd., an affiliated river cruise business

;$642,057 to Fleetpro, which runs the ships’ hotel operations; and $582,531 owed to Clipper Cruises.Company authorities anticipate the Clipper insurance claim to be solved by Friday, which would enable them to rescind the bankruptcy filing.As for those holding tickets for future cruises, the cruise line says that in the meantime, all cruises all going on as prepared-consisting of a Cuba winter cruise from Miami and a series of summer cruises sailing Northeast waters of New England, the St. Lawrence and The Terrific Lakes.The cruise line is continuing to take appointments on cruisings through 2017.

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