Japan's Sanko Steamship Sinks Under $2B Debt

Law360, New York (July 2, 2012, 1:34 PM EDT) -- Major Japanese shipping company Sanko Steamship Co. Ltd., which had struggled for months to manage its $2 billion in debt with an out-of-court solution, entered reorganization proceedings Monday in Tokyo.

Joining a growing list of victims of the slump in the shipping industry, the company said demand for its services has waned and it was unable to stay afloat.

“We saw a sharp drop in the freight and charter revenue which were the main sources of our revenue because the growth of transportation demands rapidly slowed...
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