Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

STX Pan Ocean Files Chapter 15 Bankruptcy in New York

Don't Miss Out —
Follow us on:

June 20 (Bloomberg) -- STX Pan Ocean Co., South Korea’s biggest commodities shipping line, filed for Chapter 15 bankruptcy protection, according to court records.

The company, based in Seoul, South Korea, listed both debt and assets of more than $1 billion in documents filed today in U.S. Bankruptcy Court in Manhattan. Chapter 15 protects foreign companies from U.S. lawsuits and creditor claims while a company reorganizes abroad.

STX Pan is asking the U.S. court to recognize the proceeding pending before Seoul Central District Court, Fifth Bankruptcy Division, as a “foreign main proceeding,” according to court papers.

STX Pan filed for court receivership under the Korean Rehabilitation and Bankruptcy Act in June after a drop in shipping rates left it unable to pay its debts.

A decrease in traffic volume and ocean freight fares due to a worldwide recession led to a liquidity crisis, causing STX Pan’s bankruptcy, the company said in court papers. STX Pan filed for rehabilitation on June 7 under Korean law, and the Korean bankruptcy court issued an order June 17 appointing trustees to oversee the case.

The case is In re STX Pan Ocean Co., 13-12046, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Dawn McCarty in Wilmington at

To contact the editor responsible for this story: John Pickering at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.