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Tokyo court approves Daiichi Chuo’s debt rehabilitation application

Tokyo court approves Daiichi Chuo’s debt rehabilitation application
Japan’s Tokyo district court has approved the application for a rehabiliation process for debt-ridden shipping firm Daiichi Chuo, local media reported.

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.