Korean Cargo Company Seeks Ch. 15 To Stay Afloat

Law360, New York (June 21, 2013, 3:13 PM EDT) -- A South Korean cargo company on Thursday filed for Chapter 15 bankruptcy in New York federal court, claiming $6 billion in assets and $4.4 billion debt and seeking to extend protections from its current bankruptcy proceedings after recent detentions of its ships in the United States.

Seoul-based STX Pan Ocean Co. Ltd. is seeking protection from U.S. creditors as it sorts out recently launched reorganization proceedings in South Korea, according to court documets. This month alone STX has had four ships — one each in Washington...
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