Daehan Shipbuilding foreign rehabilitation recognized by U.S. Court

By Kali Hays

New York, Oct. 15 – Daehan Shipbuilding Co., Ltd. obtained recognition of its rehabilitation proceeding under the Republic of Korea’s Debtor Rehabilitation and Bankruptcy Act on Wednesday from the U.S. Bankruptcy Court for the Southern District of New York, according to an attorney familiar with the case.

As previously reported, the company filed for Chapter 15 bankruptcy in August to prevent any creditor actions against the company in the United States.

On March 3, Rimpacific Navigation Inc. and Wonder Enterprises Ltd. filed a petition for recognition of foreign judgments against the company in the Supreme Court of the State of New York, County of New York, seeking recognition and enforcement of a $54.54 million English judgment rendered in favor of Rimpacific and Wonder.

Daehan, a ship building company based in Hwawon-myeon, Haenam-gun Jeollanam-do, South Korea, filed for bankruptcy Aug. 19. The Chapter 15 case number is 14-12391.

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