TMT Hails U.S. Court Win in Bankruptcy Dispute

TMT said the Royal Bank of Scotland is willing to work with it to resolve a dispute

UPDATE: Added information from Documents Filed at Southern District of Texas Court

A U.S. court has ruled in favour of Taiwanese shipping firm Today Makes Tomorrow (TMT) in a dispute with its creditors concerning its bankruptcy proceedings, TMT announced Wednesday in an emailed statement.

TMT said an appellate court in Houston, Texas had rejected the banks' call for the court to revisit a ruling that the shipping firm filed its bankruptcy cases in good faith.

"It is sad that some banks in Taiwan are still obsessed with shutting down TMT rather than working with the company to see how its ships can be got back as profitable trading entities on the high seas," the company said in the statement.

The company said the Royal Bank of Scotland has suggested it is willing to discuss its ongoing dispute with TMT over price manipulation issues, and it said it would also like to work cooperatively with other creditors.

"It would be helpful if Taiwanese banks that appear to want to see TMT closed down paused for a while and sought constructive agreement with TMT to find win-win solutions so that TMT can keep trading and its creditors are assured of cash flow."

The banks' charges that TMT filed its bankruptcy case in bad faith were originally rejected in July, and a U.S. court also said the company should be able to use cash to pay bunker bills even as it moves through the process.

Documents filed at the Southern District of Texas Court dated September 13, 2013 show a hearing will be held next month before Judge Lynn N. Hughes to review the July ruling that the bankruptcy was brought in good faith.