Daiichi Chuo has received a vital cash injection from a local shipping consortium. The Japanese dry bulk line, which sought bankruptcy protection last September, revealed it has secured Y2.29bn ($20.33m) in funding this morning.
A number of owners around Shikoku island to the south of Japan have said they are willing to come to Daiichi Chuo’s rescue, as has Imabari Shipbuilding. In total 14 firms have come together for this loan.
“We have decided to continue working to rebuild,” Daiichi Chuo said in a release today.
The line filed for bankruptcy protection in Tokyo on September 29 with 120bn yen ($1bn) in liabilities. It must reveal its rehabilitation plans by the end of this month.