Media: Japan's Daiichi close to sealing rescue plan

Anonymous sources inform that Japanese dry bulk carrier Daiichi Chuo Kisen Kaisha is close to reaching an agreement with local industry parties for a rescue plan that will bring the almost-dethroned carrier out of a slow restructuring process and into fresh capital.

Photo: PR

A circle of Japanese yards and shipowners are looking to join forces in an attempt to rescue dry bulk carrier Daiichi Chuo Kisen Kaisha, which after four months of trying and failing to restructure the company has now been forced to postpone the restructuring process by several months, reports Tradewinds.

The Tokyo city court has extended the carrier's deadline for a restructuring until March, and unnamed sources inform that Daiichi is close to sealing a deal with unnamed shipowners and shipyards which could bring the carrier back on track. The company has in the past rejected investors, allegedly because the offers were too low, while investors, on the other hand, have criticized the carrier's management team's plans to get the company out of trouble.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Maersk Tankers CEO sees no reason to merge tanker carriers

It has long been discussed, and the chief executive of a competitor points to Maersk Tankers as a driver in the tanker sector's consolidation race. However, Maersk Tankers CEO Christian M. Ingerslev does not see much sense in combining balance sheets, he tells ShippingWatch.

Further reading

Related articles

Latest news

See all jobs