Samsun Logix bankrupt again

Samsun Logix bankrupt again

Seoul: For the second time in six years Korean dry bulk owner Samsun Logix has applied for rehabilitation at a Korean court.

The court will shortly issue an interim preservation order which prohibits Samsun from disposing of its assets, making payments for existing debts or borrowing money without court approval. This means that Samsun cannot pay future hire without court approval, the West of England P&I Club reported in a release.

Moreover, creditors cannot enforce their claim against Samsun’s assets in Korea. In case where a foreign court recognises the order of the Korean court, enforcement against any assets of Samsun in the foreign country will be also prohibited.

The court is expected to decide whether or not to commence rehabilitation proceeding within two weeks.

Samsun, which has three capesizes, two panamaxes and two handies, last went bankrupt in March 2009.

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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