The beleaguered shipping company had applied to the court under the debtor in possession system that will allow directors rather than an outside appointee to control the reorganisation of company finances. The court has appointed company president Hisashi Asafuji as company administrator.
The tanker and bulker operator will not be able to dispose of assets or debts without permission of the court, according to a statement.
The court also asked Sanko, mired in debts of close to $2bn, to come up with a company rehabilitation plan by 28 February 2013.
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