2001-06-28 13:18

Seoul regional court allows CYL to go into court receivership June 23

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The bankruptcy department at Seoul Regional Court ordered Cho Yang Line and Nam Buk Fisheries to submit to an investigation being placed into court receivership on June 23. The two filed for court receivership on May 29 and are now subject to assets preservation.

Bae Soon, chairman of IMS System Co., Ltd, was appointed legal representative for Cho Yang Line, while Samil Tax will handle the investigation. Kim Yong-moon, president of an ocean trading company, was selected as the legal representative for Nam Buk Fisheries, while the Korea Management Consulting & Credit Rating Corporation conducts the investigation.

The court will receive the credit notices by July 13, and use these research reports to determine the fate of the two companies by August 15. If the companies' value is greater than their debts, then they will probably receive permission to go into court receivership.
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