Court sends Japan Drilling Company reorganisation to a creditor vote

Court sends Japan Drilling Company reorganisation to a creditor vote

Japan Drilling Company (JDC) has received an order from the Tokyo District Court to refer the reorganisation plans to creditors’ resolution after the company submitted the plan to the court at the end of August.

The court’s order provides that the resolution for the reorganisation plans shall be conducted through a written vote. The required documents for voting will be delivered to the creditors along with the reorganisation plans by the first half of September, and the voting period is set between September 6 and October 25.

“We wish to have the Tokyo District Court confirms the reorganization plans based on the understanding and cooperation of the parties concerned so that we can promptly proceed with payments to the creditors according to the reorganisation plans,” JDC said in a release.

In March, JDC entered into a sponsor agreement with Nyctaeus Investors for the reorganisation of the company.

Tokyo-listed JDC owns a fleet of three jackup drilling rig and one semi-submersible rig.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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