Japan’s shipping firm Sanko Steamship said today that the Tokyo District Court issued an order today to terminate the company’s reorganization proceedings.
Sanko Steamshi, filed for bankruptcy in July, 2012 after failing to come to grips with up to USD 2 billion of accrued debt.
As debt was piling up, several shipowners, resorted to seizure of Sanko-owned ships forcing the struggling ship owner to opt for protection from its creditors and initiate restructuring proceedings.
According to Sanko, the reorganizing company obtained the order approving the reorganization plan from the Tokyo District Court on October 17, 2013, and has steadily implemented the plan since the approval of the plan that followed in November 2013.
“We would like to take this opportunity to express sincere appreciation for your cooperation and support in the reorganization proceedings of the reorganizing company,” Sanko said in a statement, addressing the market.
Sanko had already restructured its operations once before back in 1985.
The dry bulk and tanker shipping company, one of the oldest in Japan, launched its operations in 1934.
World Maritime News Staff; Image: Sanko