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Daiichi Chuo Kisen Kaisha Chapter 15 Bankruptcy Filing

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According to documents filed with the U.S. Bankruptcy Court in Manhattan, NY, Daiichi Chuo Kisen Kaisha filed for Chapter 15 protection. The Company provides marine transport services and is represented by Norton Rose Fulbright US. Daiichi concurrently commenced rehabilitation proceedings with the Tokyo District Court, Civil Division No. 20.

The Southern District of New York petition notes, ” There is a possibility that the vessels owned by the Rehabilitation Debtor will call into the ports in Canada and Australia As payments to creditors will be suspended due to the Japanese civil rehabilitation proceedings, there is a high risk of creditors taking compulsory debt collection actions in Canada and Australia (where such vessels are scheduled to make port calls), such as attaching vessels, unless measures are taken to prevent such action.”

Documents filed with the Court further explain, “[D]ue to factors such as China’s deteriorating economic conditions, it is unlikely that the dry bulk tramper market will take a favorable turn. Therefore, there is a high risk of the Petitioner’s financial condition deteriorating, and for it to fall into a state of asset deficiency.” Read more international bankruptcy news.