Daiichi Chuo Kisen Kaisha’s rehabilitation plan won approval from 95% of its voting creditors at a meeting in Tokyo District Court today.
The plan also includes the rehabilitation of the company’s subsidiary Star Bulk Carrier Co. In March, a number of the subsidiary’s Japanese creditors agreed to waive Y2bn ($18m) in debt in exchange for shares.
Some 17 Japanese shipping companies including Imabari Shipbuilding have supported Daiichi Chuo with a package worth Y2.29bn ($20.33m).
The decision means Daiichi Chuo will pay creditors’ claims, as defined in the plan, within two months. The company folded last September with liabilities in excess of $1bn.