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Biz News Korea(Eng)

Hanjin Shipping likely to be pronounced dead later this month

Collected: 2017.02.03

Distributed: 2017.02.06

Source: Go Direct

A local bankruptcy court is expected to formerly pronounce death for Hanjin Shipping on Feb. 17, closing the chapter on the 40-year-old shipper that had been South Korea’s flag carrier and seventh largest in global rank.

According to the legal industry Thursday, the Seoul Central District Court has decided to end reorganization program and sought creditors’ opinion on its plan. Hanjin Shipping’s life will be extended if creditors appeal, or otherwise the company formerly becomes liquidated. “Creditors are also of opinion that it’s better to let the shipper go down,” said a source close to the matter.

Hanjin Shipping filed for court protection last September in liquidity woes from prolonged slump in the global shipping industry. Most of its assets have already been sold.

Hanjin Shipping in a regulatory filing Thursday said it was selling a 20 percent stake in its Total Terminals International, LLC (TTI, Long Beach Terminal) and equipment leasing firm Hanjin Shipping TEC plus outstanding debt for a combined $15.6 million to Hyundai Merchant Marine Co (HMM).

By Kim Jung-hwan and Park Jong-hoon

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