A US bankruptcy court has agreed to recognise Japanese owner Daiichi Chuo's foreign proceedings.
The move will help shield the struggling bulker company’s US-based assets from creditors during its restructuring.
It filed for court rehabilitation in Japan in September with debts of around $1.4bn. This was approved in October.
Now judge Michael Wiles has signed off on its secondary chapter 15 process in the US, Dow Jones reported.
Daiichi
