Sanko Steamship Files Chapter 15 Bankruptcy in U.S.

http://globalinsolvency.com/headlines/sanko-steamship-files-chapter-15-bankruptcy-in-us

Sanko Steamship Files Chapter 15 Bankruptcy in U.S.

5.7.12

Sanko Steamship Co., the Japanese operator of 185 ships, asked a court to protect its U.S. assets after the company filed for bankruptcy protection in Japan, Bloomberg reported. Sanko listed assets and debt of more than $500 million in a Chapter 15 petition filed in U.S. Bankruptcy Court in Manhattan. Companies use Chapter 15 of the U.S. Bankruptcy Code to protect their U.S. assets while they reorganize operations under the jurisdiction of a foreign bankruptcy court.