Senior management at bankrupt Daiichi Chuo Kisen Kaisha is debating whether to seek support for its rehabilitation as a group or whether to split up its various subsidiaries, according to the Kaiji Press in Tokyo. Arguably the highest bankruptcy during the current dry bulk downturn Daiichi Chuo, which filed for court protection at the end of September, has until February 3 to submit a rehabilitation plan.
Daichi Chuo’s parent firm is involved in deepsea dry bulk trades, while its subsidiaries Daiichi Chuo Kinkai, Daiichi Chuo Naiko and Daiichi Chuo Marine offer nearseas vessel, coastal ship and shipmanagement services, respectively.
The company has around 180 vessels on its books and some120bn yen ($1bn) in liabilities.
Splash understands that Japanese interests will come to the rescue of the 120-year-old shipping line, albeit its fleet is likely to be halved.
