Wednesday, January 26, 2011

Korea Line future in doubt

From Reuters

SEOUL, Jan 26 (Reuters) - A court could decide whether to restructure or liquidate Korea Line Corp. within a month, a company official said on Wednesday, a day after the South Korean company filed for bankruptcy protection. The country's second-biggest dry bulk shipping line filed for receivership with the Seoul Central District Court on Tuesday after struggling to stay afloat amid a sharp drop in freight rates.

"We are seeking all ways to normalise operations through additional borrowings and debenture issues but we have no choice but to file for receivership on persistent pressure from bad loans in the past and high-cost charter contracts," Korea Line said in a statement on Tuesday.

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1 comment:

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