AsiaDry Cargo

Bankrupt Korean bulker owner sees rehab plan vetoed for second time

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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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