Busan-based shipping firm Dong-A Tanker has recently sought for court protection at the Seoul Central District Court due to “strong pressure” from the Korea Development Bank (KDB) and Korea Eximbank (KEXIM), it said.
The company started business in 1968 and today operates nine tankers, three bulkers, four containerships, and three Pure car/truck carriers (PCTCs) today, according to information from its website.
A copy of the letter sent to clients informing of the development seen by Manifold Times is below:
We regret to inform you all that we, Dong-A Tanker, have applied the Court rehabilitation to Seoul Central District Court as the rehab department of court as the date of today.
For the last several years, we have done our best to overcome the situation but due to the strong pressure of the Banks, KDB and KEXIM, we have been put on the choice of this.
As you have many experiences to this kind of situation many time before from other cases, all and any Insurance and Legal system of Dong-A will be maintained and same but only premium of all insurances will be delayed until the permission of the court for its remittance.
Thanks for your observation and once it be on the press, do not be embarrassed or annoyed but we will be on the same situation only but the court approvals will be required.
Mr. Ryan J. RYU
Dong-A Tanker Corporation
Published: 5 April, 2019
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