Daiichi Chuo files for bankruptcy protection
Shares of Japanese shipping line will be delisted on Oct 30, says Tokyo Stock Exchange
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Tokyo
DAIICHI Chuo filed for bankruptcy protection in Tokyo with 120 billion yen (S$1.4 billion) in liabilities, as over-expansion amid plunging freight rates pushed the Japanese shipping line to four straight years of losses.
Its wholly owned Star Bulk Carrier Co unit also filed for bankruptcy with 57 billion yen in liabilities, Daiichi Chuo said in a statement on Tuesday.
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