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Daiichi Chuo has five months to settle rescue plan

Japanese dry bulk giant Daiichi Chuo's receivership application has been approved by the Tokyo court. The carrier now has close to five months to present a plan for the company.

BY KATRINE GRØNVALD RAUN

The Tokyo City Court has approved dry bulk carrier Daiichi Chuo's recently submitted application to enter receivership, and the company now has until February 3rrd to present a restructuring plan for the major bulk carrier, reports Japanese news media Jiji Press. Until then the carrier will be off limits to its creditors, though it could end up having to file for receivership again at a later point.

Daiichi Chuo Kisen Kaisha's shares were suspended from trading in late September on the Tokyo Stock Exchange, and since then the carrier's CEO Masakazu Yakushiji has profoundly apologized for the development to all stakeholders in the company, including Mitsui O.S.K Line (MOL), which is a major shareholder with a 16.5 percent stake in the carrier.

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