Alter Ego Trip: Daebo International Challenges an International Vessel Lease
Monitor 100 2017
In late 2015, the U.S. Bankruptcy Court for the Southern District of New York issued a memorandum opinion in Daebo International Shipping Co., Ltd., vacating a set of Rule B attachments of M/V DAEBO TRADER, a Panamax dry bulk container ship leased to Daebo International Shipping Co. from Shinhan Capital Co., a major Korean equipment financier.
Earlier in 2015, the New York Bankruptcy Court had recognized Daebo’s rehabilitation proceeding under Korea’s Debtor Rehabilitation and Bankruptcy Act (the DRBA), a collective remedy similar to Chapter 11 of the U.S. Bankruptcy Code, as a “foreign main proceeding” and that Daebo’s representative in the Chapter 15, Chang-Jung Kim, the company’s custodian and CEO, was a duly authorized “foreign representative.”
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