Daiichi Chuo’s rehabilitation plan approved

Daiichi Chuo’s rehabilitation plan approved

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.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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