Creditors to Eletson Try to Force Fuel Shipper Into Bankruptcy

Some creditors to Eletson Holdings Inc. are trying to force the shipping company into bankruptcy more than a year after it failed to repay over $300 million of bonds, according to court papers.

Holders of more than $200 million of Eletson bonds filed an involuntary Chapter 7 petition against the company and two affiliates in New York last week. Eletson hasn’t repaid the principal on its 9.625% notes due last year and hasn’t paid interest on the debt since 2019, according to the creditors.

Lawyers for the company argue the petition is invalid. The bonds underpinning the petition ...