Final report on CYL submitted to Court

Samil Accounting Co., the Cho Yang Line inspectors, submitted their final report to the Seoul District Court on August 16, one day behind the schedule. CYL has applied for court-receivership.

According to the Corporate Restructuring Act, the legal manager is supposed to submit the report to the Seoul District Court by August 20, 2001 and the first meeting is expected on August 31.

CYL, after a corporate restructuring decision, has tried to reopen its Korea/Japan routes as well as Intra-Asia trade routes and valiantly put forth its best to rebuild its overseas sales networks for the sake of the company's early normalization.