Tokyo-based shipping firm Sanko Steamship Co. is making final arrangements to seek the rescheduling of loan repayments through a private-sector intermediary to turn around its business amid a deterioration in the global shipping market, Kyodo News reported Friday, citing sources close to the matter.
The company, which once went bankrupt in 1985 with the biggest postwar debt in Japan at the time, will seek to rehabilitate its business under an out-of-court “alternative dispute resolution” procedure, the sources said, according to Kyodo.
For the ADR, Sanko needs to obtain the consent of all of its creditors for a moratorium on debt repayments, which could hamper the process, Kyodo reported.
The company had liabilities of Y108.1 billion on a consolidated basis as of the end of March last year.
-Dow Jones Newswires
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
By Kirsty Needham SYDNEY, Dec 12 (Reuters) – Alphabet’s GOOGL.O Google will build three subsea cables in Papua New Guinea, which the largest Pacific Island nation said was funded by Australia under a mutual...
The International Transport Workers’ Federation has condemned recent attacks on vessels operating in the Black Sea following the third Ukrainian sea drone strike on a Russian shadow fleet tanker, warning...
The seizure of an enormous oil supertanker off the coast of Venezuela on Wednesday is just the beginning of a new phase in the Trump administration’s ramped-up pressure campaign against Nicolas Maduro, according to people familiar with the operation.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
