Korean Shipper Wins Ch. 15 Recognition From US Court

Law360, Los Angeles (July 12, 2013, 8:11 PM ET) -- A New York bankruptcy judge on Friday granted recognition to South Korean cargo company STX Pan Ocean Co. Ltd.'s Chapter 15 bankrutcy proceedings, extending the company protection from its American creditors following recent detentions of its ships in the U.S.

U.S. Bankruptcy Judge Shelley C. Chapman granted recognition to Seoul-based STX's recently launched reorganization proceedings in South Korea, shielding the company from claims by creditors in the U.S. while they undergo proceedings overseas. In June alone, STX had four ships — one each in Washington and California, and two...
To view the full article, register now.