Asia/Pacific News
Sanko Line Delays Reorganisation Plan
The submission of a proposed reorganisation plan for Japan's Sanko Steamship Co., Ltd. (Sanko Line) will be delayed until July 31, 2013, according to a statement by trustee Hisashi Asafuji.
The shipping line filed for bankruptcy with the Tokyo District Court on July 2, 2012, and Chapter 15 bankruptcy in the U.S. the following day.
It had originally been expected to submit the reorganisation proposal at the end of this month, February 28, 2013.
Asafuji said the delay was due the fact that Sanko Line has still not selected and designated a sponsor to ensure the company's reconstruction, due to the "difficult conditions of the current shipping market."
However the trustee noted that Sanko Line has been making "independent efforts" towards business reconstruction and to improve its earnings.
