UPDATE 1-TBS International files for pre-packaged bankruptcy

Feb 6 (Reuters) - TBS International Plc, which provides shipping services, filed for prepackaged Chapter 11 bankruptcy as part of a debt restructuring agreement with its lenders.

The plan, which provides for a $42.8 million debtor-in-possession financing from its existing lenders, was approved by all of its voting lenders.

The company also said it was taking actions necessary to ensure that normal operations are not affected by the Chapter 11 process, which is expected to last 60 days.

TBS International said the proposed plan is to restructure the company's secured debt and pay in full allowed claims of unsecured creditors.

The company also said ownership of its operating units will be transferred to a newly formed entity that will be owned mostly by its lenders, while old equity holders will receive no distributions.