Daehan Shipbuilding court grants provisional protection from creditors

By Kali Hays

New York, Aug. 22 – Daehan Shipbuilding Co., Ltd. received provisional Chapter 15 bankruptcy relief under an Aug. 21 order with the U.S. Bankruptcy Court for the Southern District of New York.

The relief will be effective until a final order is entered on the company’s Chapter 15 petition.

With the provisional relief, creditors of Daehan are prohibited from commencing or continuing any litigation against the company, enforcing liens or security interest and transferring or disposing of any company assets to an entity other than Daehan, according to the order.

As previously reported, Daehan requested the provisional relief Aug. 18.

Daehan is a Hwawon-myeon, Haenam-gun Jeollanam-do, South Korea ship building company that filed for bankruptcy Aug. 18. The Chapter 15 case number is 14-12391.

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