Dongchun Ferry enters into court supervision

The courts handed down a decision to put Dongchun Ferry, which has been operated by creditors since having checks dishonored for lack of financial liquidity, into supervison. Seoul Regional Court judged that Dongchun Ferry be moved into court-receivership. Dongchun Ferry applied for court receivership last Dec. 22nd, 2000.

The court appointed official receiver, Kim Young-jun, international finance manager at Hanjin Heavy Industries, said that creditors should put their names on the creditors' list by Feb. 16th, 2000.

Also, court investigators appointed will look into revival possibilities for Dongchun Ferry as well as its credit scale and submit a report on it. The court may approve court supervision for Dongchun Ferry based on this report.

Dongchun Ferry has had checks dishonored for lack of financial liquidity since last November when it began operating in Sokcho/Hunchun, CIS via Zarubino, Russia.