Daiichi Chuo rehabilitation process gets underway

Daiichi Chuo rehabilitation process gets underway

Yesterday saw a Japanese court give Daiichi Chuo Kisen Kaisha the go ahead to start its rehabilitation process.

The bulker giant with some 185 ships in its fleet, of which 45 are owned, filed for bankruptcy protection on September 29 with debts that are in the region of $1.5bn.

The civil rehabilitation Daiichi Chuo will now go through allows creditors to file claims by December 7, with the line having until December 25 to declare its assets. Once Daiichi Chuo has checked all the claims against it will have until February 3 next year to issue a full rehabilitation plan.

Splash understands Daiichi Chuo will hold a preliminary meeting with local creditors this week.

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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