October 24

Daiichi Chuo Files Its Rehabilitation Plan

first_imgzoom Japan’s dry bulk shipping company Daiichi Chuo Kisen Kaisha and its wholly owned subsidiary Star Bulk Carriers submitted their rehabilitation plans to the Tokyo District Court on March 17.Under the rehabilitation plan, Daiichi Chuo would buy all of the company’s existing shares without consideration. Following the confirmation of the plan, the company would acquire and cancel the shares and issue new shares through which the maritime cluster would become Daiichi Chuo’s new shareholder.The filing comes following a deal with fourteen maritime cluster members after several delays.Daiichi announced its rehabilitation proceedings in October 2015 after filing for bankruptcy only a month earlier.The company was given until February 3, 2016 to submit the plan, however, Daiichi asked for an extension of the deadline to examine its plan and the new deadline was pushed to March 31.The company recently entered into further three investment agreements for an amount of JPY 200 million (USD 1.7 million).Daiichi’s total investments now stands at JPY 2.4 billion, while the total loan to be obtained is JPY 390 million.The funds would be repaid in the form of a lump sum payment, the company said in a statement, adding that the repayment date would be set within two months of the confirmation and finalization of the rehabilitation plan.World Maritime News Stafflast_img read more

September 25

Duchess of Yorks friend branded untrustworthy by judge after failed attempt to

Manuel Fernandez outside Central London County Court in July Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. A close friend of the Duchess of York has been accused by a judge of trying to disguise his lavish lifestyle in a failed bid to win almost £1million in damages from Essex Police.Manuel Fernandez, 52, had sued the force for loss of earnings, claiming that “serious” failings preceding his sister’s murder had derailed his successful career.But Alper Riza QC awarded the businessman, who has been romantically linked to the Duchess, only a fraction of the £900,000 damages claim, declaring him an unreliable witness.He said Mr Fernandez gave “confusing evidence” about the time he purchased a brand new Aston Martin, finding that he purchased it after being made redundant and not while still employed as he claimed.The judge said Mr Fernandez was fully aware the “very expensive” car was “evidence of a lifestyle he sought to suppress.”He added: “I cannot accept the evidence of his friends that he is trustworthy in preference to what I was able to observe myself.” Mr Riza also dismissed Mr Fernandez’s claim that he was interested in justice not money, noting: “His claim for pecuniary loss of well over half a million pounds is unusually high for a human rights claim. Manuel Fernandez outside Central London County Court in JulyCredit:Champion News The judge, sitting at Central London County Court, disagreed that Mr Fernandez had been made redundant from technology firm FICO due to underperformance following a two-year “prolonged depressive reaction” to his sister’s murder but rather because of the firm’s “perceived need”.He said his subsequent launch of Vvoosh, a lifestyle startup, was an “ambitious” venture which “shed light” on his confidence during that time.Mr Fernandez had argued that his life fell apart when his sister, Maria Stubbings, was strangled with a dog lead by her former boyfriend, Marc Chivers, in 2008. Chivers, who was jailed for life, had already served a sentence in Germany for killing another girlfriend in a similar manner.Just two months before he killed Miss Stubbings at her Chelmsford home he had been released from a three-month sentence for assaulting her. An inquest in 2014 found police blunders contributed to her death.Mr Riza ordered Essex Police to pay Mr Fernandez £20,000 for the emotional impact of the murder, ruling out any award for loss of earnings.Mr Fernandez is rumoured to have dated the Duchess of York between 2014 and 2017, although she has always insisted they were “just friends”. read more