Seoul: Korea Line Corporation has filed for bankruptcy protection in the Seoul courts. The struggling South Korean dry bulk operator had been attempting to renegotiate long-term charters in recent weeks after dry bulk freight rates crumbled due to floods in Australia and large numbers of new ships entering the market.
In a filing to the Korea Stock Exchange the company said it had filed to the Seoul Central District Court On Tuesday for debt rehabilitation and a relief restraining order. No details on the company's debts were given. [25/01/11]
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