Samsun Logix is one step nearer to oblivion. On Friday the South Korean bulker player saw its latest rehabilitation plan vetoed by a judge in Seoul. This is the second time the line’s self-rescue plans have been dismissed. This time, the judge said the dire dry bulk market meant Samsun Logix’s repayment claims were unlikely to be met.
The company has debts of around $360m. It has said it is willing to sell ships and cut pricey charter contracts in a bid to survive.
The company sought bankruptcy protection last July. It must now hope for third time lucky when it next meets creditors on April 8 with a new plan.
The company’s owned fleet has been significantly pared back of late and it is now down to just two capesizes and one panamax.