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.