Gregory Callimanopulos-backed shipowner Toisa has filed for Chapter 11 bankruptcy protection in New York.

The company and 23 subsidiaries owning the same number of offshore vessels, tankers and bulkers among the assets they are seeking to shield with court protection.

Callimanopulos’s UK-based Sealion Shipping and Greek management companies Marine Management Services and Marine Management Bulker Services are listed as affiliates but not covered by the Chapter 11 filing.

Assets and liabilities both range between $1bn and $10bn, according to legal filings and Reorg Research.

Toisa’s assets also include two Gulfstream aircraft.

Danish Ship Finance is the largest creditor in the case, with nearly $123m in claims secured by seven vessels.

DNB Bank runs a close second thanks to its more than $115m in claims backed by three tankers. And ING Bank is owed nearly the same amount thanks to claims secured by seven vessels.

The companies are represented by New York law firm Togut, Segal & Segal.

Largest creditors
Danish Ship Finance $123m
DNB Bank $115m
ING Bank $116m
Citibank $99.5m
BNP Paribas $82.3n
China Shipping Industry $23.1m