Daebo Seeks Bankruptcy Protection

Korea’s dry bulk shipping company Daebo International Shipping Co. Ltd. filed an application for rehabilitation proceedings on 11 February 2015, marine insurer Skuld said citing an update provided by Messrs. Choi & Kim.

Under the rehabilitation proceedings in Korea, similar to the Chapter 11 proceedings in the United States, a company is allowed to ultimately survive and continue operation, albeit in a restructured form.

Should the court grant the petition, Daebo’s further dealings will be subject to regulation by the court. A receiver would be appointed by the court and a timetable would be set for the further progress of the procedure.

In addition, Daebo would be requested to file their claims to the receiver, and should they be rejected then the claim must be brought to the court to determine.

“This will have an impact on all creditors and debtors to Daebo, and members should review any open position or account they may have in relation to business dealings with this company,” Skuld said.

This could include unpaid bunker supplies, port and pilotage dues, lien claims on outstanding hire and freight, cargo claims or other  indemnity claims, according to Skuld.

Daebo is the third bulker firm to file for bankruptcy protection after Danish Copenship and China’s Winland Ocean Shipping amid volatile dry bulk market that has seen plunging of the Dry Bulk Index to new record lows.

Image: bell-law

 

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

The three-day event includes an exhibition where an expected 600+ supply chain companies…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >