S.Korean shipper STX Pan Ocean seeks protection from US creditors

By -

The bulk shipper STX Pan Ocean Co Ltd filed for protection under U.S. bankruptcy law on Thursday to shield its assets from creditors in the United States, less than two weeks after filing for court receivership in South Korea.

_0">

STX sought protection under Chapter 15 under the U.S. bankruptcy code with the federal bankruptcy court in Manhattan.

The company had previously said it needed protection because it faced "a liquidity crunch" that left it unable to obtain sufficient funds to repay its debt, which recently totaled about 5.51 trillion won (now US$4.81 billion).

 

In Thursday's filing, two court-appointed administrators for STX said the company has struggled with a shrinking profit margin amid a decline in the value of dry bulk shipping contracts. They said STX has several long-term contracts that will prove profitable and around which it intends to reorganize.

The filing seeks recognition of the Korean proceeding as a "foreign main proceeding," and to halt a variety of existing and potential litigation and claims in the United States.

Non-U.S. companies use Chapter 15 to block creditors who want to file lawsuits or tie up assets in the United States.

The case is In re: STX Pan Ocean Co, U.S. Bankruptcy Court, Southern District of New York, No. 13-12046.

Popular posts from this blog

'I was his Christian Grey fantasy.' Ex-girlfriend Paige Lorenze says Armie Hammer carved an A into her groin area as she warns 'narcissistic' actor could 'seriously injure another woman' with his BDSM obsession

By -
Image
This is the sickening scar left by Hollywood star Armie Hammer on his young lover after he branded her just millimeters away from her private parts. Using a sharp knife Hammer cut his first initial 'A' into her skin during a kinky sex game, which ex-lover Paige Lorenze insists got out of control. Seconds later the 6ft 5' inch screen idol - who has claimed he's '100% a cannibal' in vile Instagram messages to other women - then licked the blood from the wound. Lorenze shared the exclusive image with DailyMailTV as a stark warning to other women who might be seduced and manipulated by Hammer. The 22-year-old former professional skier turned Instagram model is speaking out about the ‘deeply traumatic’ four month relationship, which left her emotionally and physically scarred. And Lorenze exposes Hammer as an out of control narcissistic sexual deviant, whose wild fantasies and BDSM fueled desires which she says could ‘seriously injure another woman.’ The blond beauty...
Read more

Model Stella Tennant dies 'suddenly' aged 50 as her family pay tribute to 'wonderful woman and an inspiration to us all'

By -
Image
Britain's most famous aristocratic supermodel Stella Tennant has died at the age of 50, just months after splitting from her husband. Her family praised her as a 'wonderful woman and an inspiration to us all' in a statement which confirmed her 'sudden death' yesterday. In August it was revealed Mrs Tennant had separated from her husband David Lasnet after 21 years of marriage earlier this year. The couple owned a property empire that includes a luxury mews house in Edinburgh and a stately home near her father's estate. Mrs Tennant was the granddaughter of Andrew Cavendish, the 11th Duke of Devonshire and Deborah Mitford, one of the well-known aristocratic siblings.  The mother-of-four was known for her androgynous looks during her 1990s modelling heyday and soon became a muse for Karl Lagerfeld, which the fashion designer attributed to her resemblance to Coco Chanel.  Britain's most famous aristocratic supermodel Stella Tennant has died aged 50 just months a...
Read more

Teenage boy, 15, charged after allegedly having sex with two 12-year-old girls and recording the encounter on his phone - but he's still allowed to go to school with them while on bail

By -
Image
A 15-year-old boy has been charged after allegedly penetrating two 12-year-olds and possessing child pornography of the preteen girls.  The boy appeared before Kalgoorlie Children's Court on Thursday after allegedly filming a sex act in the town of Goldfields in Kalgoorie, Western Australia, in October last year. The male student has been charged with indecently recording a child under 13 and with two charges of sexual penetration of a child under 13.   A 15-year-old boy has been charged after allegedly penetrating two 12-year-olds and possessing child pornography of the preteen girls The boy appeared before Kalgoorlie Children's Court on Thursday after allegedly filming the pair while they performed a sex act on him in October last year in Goldfields, WA. Pictured: Kalgoorie Courthouse There had been a meeting about the alleged sexual relationship between the 15-year-old and the female children at their school last year, the court was told. In that meeting, parents of the thre...
Read more