Daebo International Shipping Chapter 15 case closed after plan order

By Caroline Salls

Pittsburgh, Feb. 16 – Daebo International Shipping Co., Ltd.’s Chapter 15 bankruptcy case was closed on Thursday by the U.S. Bankruptcy Court for the Southern District of New York.

Daebo custodian and foreign representative Chang Jung Kim’s motion for recognition and enforcement of the rehabilitation plan order entered on Dec. 15 by a Korean bankruptcy court was approved last month.

As previously reported, the plan repays secured creditors in full and provides for the repayment of unsecured claims through a combination of installment payments and non-cash consideration.

Daebo, a Seoul-based drybulk shipping company, filed for bankruptcy on March 17, 2015. The Chapter 15 case number is 15-10616.

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