Korean shipper Daebo International Shipping Co. has filed for chapter 15 protection to stop a Houston-based stevedoring company from seizing one of its ships for nonpayment, The Wall Street Journal reported yesterday. Daebo filed for chapter 15 in the U.S. Bankruptcy Court in Manhattan on Monday. If recognized by Hon. Michael E. Wiles, Daebo will receive the benefits of U.S. bankruptcy law. Daebo was placed into South Korea’s equivalent of chapter 11 protection on Feb. 11. Since then, the company has returned a number of ships it leases and operated — a total of 13 vessels as of March 5. One of the ships Daebo leases is currently docked in New Orleans. It was seized by court order on Feb. 15 after Richardson Stevedoring & Logistic Services Inc. brought claims of about $1.6 million against Daebo for unpaid stevedoring services, or the loading and unloading of cargo. At least three other creditor lawsuits have been filed against Daebo, seeking more than $1 million in claims secured by the seized vessel, court papers show.
