Korea Line Files For Ch. 15 To Stymie US Litigation

Law360, New York (February 25, 2011, 9:29 PM EST) -- Korea Line Corp., the second-largest shipping company in South Korea, filed for Chapter 15 bankruptcy protection in New York on Friday, seeking to temporarily stay several pending U.S. legal disputes as it moves forward with a rehabilitation proceeding in South Korea.

The Seoul-based company lodged the petition in the U.S. Bankruptcy Court for the Southern District of New York, indicating that it had nearly $61 million in liquid assets as of January and nearly $187 million in debts and operating expenses as of February.

Korea Line...
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