Samsun Files For Ch. 15 As Shipping Market Declines

Law360, New York (March 12, 2009, 12:00 AM EDT) -- Seoul-based shipping company Samsun Logix Corp. has filed for bankruptcy protection in the United States, claiming its profits started sinking along with the downturn in the dry-bulk shipping market.

The company listed debt and assets of more than $100 million each in its Chapter 15 filing in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday, making it the fourth shipping firm to seek such protection in recent months.

Chapter 15 shields foreign firms from becoming besieged with U.S. lawsuits and creditor...
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