Daiichi Chuo Files Its Rehabilitation Plan

Japan’s dry bulk shipping company Daiichi Chuo Kisen Kaisha and its wholly owned subsidiary Star Bulk Carriers submitted their rehabilitation plans to the Tokyo District Court on March 17.

Under the rehabilitation plan, Daiichi Chuo would buy all of the company’s existing shares without consideration. Following the confirmation of the plan, the company would acquire and cancel the shares and issue new shares through which the maritime cluster would become Daiichi Chuo’s new shareholder.

The filing comes following a deal with fourteen maritime cluster members after several delays.

Daiichi announced its rehabilitation proceedings in October 2015 after filing for bankruptcy only a month earlier.

The company was given until February 3, 2016 to submit the plan, however, Daiichi asked for an extension of the deadline to examine its plan and the new deadline was pushed to March 31.

The company recently entered into further three investment agreements for an amount of JPY 200 million (USD 1.7 million).

Daiichi’s total investments now stands at JPY 2.4 billion, while the total loan to be obtained is JPY 390 million.

The funds would be repaid in the form of a lump sum payment, the company said in a statement, adding that the repayment date would be set within two months of the confirmation and finalization of the rehabilitation plan.

World Maritime News Staff

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