Reuters: Private Equity: Sanko Steamship initiates out-of-court settlement - Nikkei

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Sanko Steamship initiates out-of-court settlement - Nikkei Mar 15th 2012, 21:09 March 16 | Thu Mar 15, 2012 5:09pm EDT March 16 (Reuters) - Sanko Steamship Co has initiated an out-of-court settlement with creditors as high payments to ship owners bleed away cash flow at a time when freight revenues are languishing, the Nikkei reported. The Tokyo-based shipping line, which applied to begin an alternative dispute resolution on Thursday, will spend several months drafting a restructuring plan that it hopes will win approval from creditors, the daily said. President Takeshi Matsui has sought to improve cash flow, asking ship owners for a delay on about half the payments it owes, the Nikkei said. Sanko Steamship -- which has restructured once before, after filing for bankruptcy protection in 1985 -- charters 80 percent of its fleet of about 190 ships, the business daily said. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Supriya Kurane)

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