Daiichi Chuo, owner and operator of dry bulk carriers, filed for bankruptcy protection in late-September after it succumbed to debts of around JPY120bn ($1bn).
The Tokyo court approved Daiichi Chuo’s application on Monday, and the shipowner now needs to submit a rehabilitation plan under civil law by 3 February under court supervision procedures, Japan’s Jiji Press reported.
Daiichi Chuo will be delisted from the Tokyo Stock Exchange on 30 October.
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