Bankruptcy Judge Shelley C. Chapman has granted shipping company STX Pan Ocean Co. chapter 15 protection from creditors, a key ruling in the South Korean firm's bid to reorganize it business, Dow Jones Daily Bankruptcy Review reported today. Judge Chapman's decision recognizes STX's South Korean bankruptcy case as the main, or controlling proceeding, and extends key U.S. bankruptcy protections to the company's business operations. Those protections include the extension of the automatic stay to STX's fleet of 371 company-owned vessels.
