Japanese firms club together to save Daiichi Chuo

Japanese firms club together to save Daiichi Chuo

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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