Latest news from Heavy Lift & Project Forwarding International Magazine

STX Pan Ocean seeks protection in U.S.A

June 24 - Further to our previous reports, less than two weeks after filing for court receivership in South Korea, STX Pan Ocean Co Ltd filed for protection under U.S. bankruptcy law last Thursday in an effort to protect its assets from creditors.

The company sought protection under Chapter 15 of the U.S. bankruptcy code with the federal bankruptcy court in New York.

Previously, the company had said it needed protection as it faced "a liquidity crunch" that left it unable to obtain sufficient funds to repay its debt.

According to Reuters, during last week's filing court-appointed administrators for STX said it has several long-term contracts that will prove profitable and around which it intends to reorganise.

Chapter 15 is used by non-U.S. companies as a means of blocking creditors that want to file lawsuits or tie up assets in the USA and the filing made by STX seeks recognition of the Korean proceeding as a "foreign main proceeding," and to halt a variety of existing and potential litigation and claims in the USA.

www.stxpanocean.com

Heavy Lift | News

Marine insurance: Reducing costs and capacity thumbnail image

Marine insurance: Reducing costs and capacity

September 19 - Marine insurance providers are commoditising their products in order to reduce costs. The result, according to the International Union of Marine Insurance (IUMI), is a loss of expertise.
Views: 229
Zeaborn forms JV with MPC thumbnail image

Zeaborn forms JV with MPC

September 18 - Zeaborn Group has formed a joint venture with MPC Capital Group to handle the chartering and commercial management of a fleet of more than 160 container and bulk carriers.
Views: 583
DHL strengthens network in Middle East and Africa thumbnail image

DHL strengthens network in Middle East and Africa

September 18 - DHL Industrial Projects is opening a centre of excellence (COE) in Dubai as well as offices in Egypt, Ethiopia, Kenya and Turkey to coordinate complex logistics projects in the Middle East and Africa.
Views: 612
ALE plans Swedish branch thumbnail image

ALE plans Swedish branch

September 18 - ALE will open an office in Sweden during the last quarter of 2019 as it looks to expand its operations in Scandinavia.
Views: 470

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