Daiichi Chuo Kisen Kaisha is on the road to recovery. The Japanese dry bulk operator, which sought court protection last September, has submitted its latest rehabilitation plan.
Star Bulk Carrier, a 100% subsidiary of Daiichi Chuo, has managed to get a number of its Japanese creditors to waive Y2bn ($18m) in debt in exchange for shares. The same creditors have also agreed to loan further funds.
It follows on from news earlier this month that 14 Japanese companies including Imabari Shipbuilding had come forward to support Daiichi Chuo with an initial package worth $20m.
This latest plan was submitted yesterday and a spokesperson told Splash on Friday the company expects the plan to be approved later this month.
Daiichi Chuo folded last September with liabilities in excess of $1bn.
