We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Samsun Files For Ch. 15 As Shipping Market Declines

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.