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.