According to reports issued yesterday World Fuel Services Corporation (WFS) has released the bulker Iyo Wind after arresting it in Corpus Christi, Texas, last week for an unpaid bunker bill of $341,634, Ship & Bunker reports.
Ship & Bunker understands that in total Miami, Florida-based WFS are owed up to $3.3 million in unpaid bunkers by Sanko Line.
The Iyo Wind is currently chartered by Japan's Sanko Steamship Co., Ltd. (Sanko Line) and owned by Picer Marine S.A. / Biko Kisen.
Filings at the Corpus Christi Office of the Texas Southern District Court showed the case was brought against the bulker on July 5, 2012 despite Sanko Line filling for Chapter 15 bankruptcy protection in the U.S. on July 2, 2012 after the Japanese shipping company filed for bankruptcy in Tokyo.
The Chapter 15 filing was intended to allow the company to protect its U.S. assets from creditors while recognising the Japanese entity is undergoing reorganisation proceedings.
Hisashi Asafuji, Sanko Line's newly appointed CEO, was reported to have introduced an affidavit saying WFS' actions had violated the Chapter 15 protection order.
"We're having internal discussions and working with our lawyers to sort out the problem," Sanko Line spokesman Yasunao Goto told maritime intelligence publication Fairplay.
WFS said the ship arrest did not violate the Chapter 15 action and despite releasing the vessel, the company said it is continuing to pursue its legal case noting that the vessel is due back in Texas later this month.
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