Three high-profile failures in the dry-cargo market appear to have played a role in the collapse of Korea Line Corp.
Britannia Bulk, Armada and Transfield, all of which went bust in the wake of the financial crisis, are named as counterparties of the South Korean owner as it filed for Chapter 15 protection in the US.
A filing by KLC receivers Jin Bang Lee and Byung Nam Choi, explains the collapse of the dry-bulk market left the company unable to meet its operating expenses.
“In
