The Chapter 15 petition follows an application to commence rehabilitation proceedings in the Seoul Central District Court, which was submitted on 11 February 2015.

Since then, at least five creditors have filed lawsuits against Daebo and its affiliates in the US, which is why observers say they aren't surprised by today’s revelation.

They note it’s not uncommon for debtors to seek Chapter 15 recognition of foreign restructurings, particularly when a petitioner's assets are targets of domestic suits.

On Friday a judge in the Eastern District of Louisiana ordered the arrest of the 73,900-dwt bulker Daebo Trader (built 2002) in the wake of a complaint filed by Lark Shipping.

Four other creditors have secured attachment orders against the same vessel, which has been at anchor off New Orleans since early February.

Today, the law firm that Daebo hired to handle its Chapter 15 petition, Blank Rome, argued that these actions violate a protective order issued by the court overseeing the restructuring.

It also took aim at claims that the registered owner of the Daeboo Trader is an alter ego of the debtor, which says it struck a sale-and-leaseback deal with Shinhan Capital in 2007.

Daebo listed assets and liabilities of approximately $100m to $500m when it filed for bankruptcy protection in New York’s Southern District on Monday morning.

The company, which opened its doors in 1974, says sales amounted to roughly $140m in 2014 and noted voyage revenue accounted for 85% of this total.

Daebo said it operated 19 ships when it first submitted its rehabilitation application. Of the 13 mentioned in today’s petition, it claims most are owned by third parties.

At last check the debtor’s website listed eight bulkers but the company does not make a distinction between owned and chartered tonnage.

The Clarksons database claims Daebo and its affiliates oversee a dozen vessels, a total that includes bulkers, ferries and a general cargoship.

The VesselsValue.com portal identifies the operator as the owner of six bulkers, which it believes to be worth more than $90m in total in today’s market.