Tokyo Court Okays Rehabilitation Process at Daiichi Chuo

Tokyo District Court on Monday approved the start of civil rehabilitation procedures at the financially troubled Japanese dry bulk specialist Daiichi Chuo Kisen Kaisha.

Daiichi Chuo applied for the rehabilitation procedure on September 29, following four consecutive years of losses.

The company’s creditors have until December 7 to file their claims, while the company was given until December 25 to evaluate and declare its assets.

After that, the creditors will have until January 6 to dispute Daiichi Chuo’s declaration of assets. The submitted disputes, if any, will be reviewed from January 12 to 19, after which Daiichi Chuo  will have until February 3 to come up with a rehabilitation plan.

Daiichi Chuo  is the fifth largest shipping company in Japan, with a fleet of around 170 ships, of which 45 are owned.

World Maritime News Staff