Most Members and certainly all those Members with vessels on charter to STX Pan Ocean Co. Ltd. Korea (“STXPO”), will already be aware that STXPO sought and obtained the protection offered by Rehabilitation Proceedings before the Korean Courts. These proceedings are akin to Chapter 11 proceedings in the USA.

That protection has subsequently been extended to and recognised formally in a number of other jurisdictions around the world including the USA and UK. This prevents further action from being taken against STXPO assets in those jurisdictions. To some extent this has brought an end to the race to secure claims against specific STXPO assets.

The purpose of this circular is to remind Members that those with monetary claims against STXPO will need to file them, in a specified format, before the Seoul Central District Court, in the Korean Court Rehabilitation Proceedings, by the 18 July, at the latest. Failure to do so will mean those claims will not be recognised/taken into consideration in the Rehabilitation Proceedings. This filing is probably best done with the assistance of local Korean law offices.

Those instructed will need to be provided by the Registered Owners with a notarised power of attorney, along with a copy of the owning company’s Certificate of Incorporation (or similar, depending on the jurisdiction).

Additionally, where the claim is brought in respect of a prematurely terminated charter, a copy of the charter party, the final hire statement as well as a statement of the damages arising out of STXPO’s repudiatory breach of the charter party, will also be required. The Club can recommend who to contact in Korea for assistance should Members’ wish.

For further information please contact either martyn.hughes@swedishclub.com or malin.hogberg@swedishclub.com