Asia-North America likely to be the first divestment as Seoul looks to sell Hanjin in pieces
Plenty more is unfolding in the Hanjin Shipping saga with a court in Seoul now mulling selling the Korean line’s transpacific sales and marketing network, while other actions at home and overseas continue to shape the future of the struggling firm.
Splash understands Hanjin plans to become an intra-Asia operator when it submits its rehabilitation plan in December so the transpacific sale is no surprise.
The Seoul court overseeing the line’s rehabilitation is rapidly coming to the conclusion that it can raise more money by selling chunks of the line rather than as a whole.
The court will next likely look at selling off Hanjin’s Asia-Europe network.
Meanwhile, a American bunker firm has became the first company to manage to get a Hanjin vessel arrested on Korean soil.
The Hanjin Xiamen, docked in Changwon, South Gyeongsang, and was seized by World Fuel Services on Friday after obtaining rights from the Changwon District Court.
However, the Ministry of Oceans and Fisheries has suggested that no further ships are likely to be arrested.
Hanjin filed for court receivership on August 31 saddled by debts of more than KRW5trn.
Source: Splash24/7 (LF)
Source: Splash24/7