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Hanjin's rescue plan "realistically impossible" and fleet still scattered

While many of Hanjin's vessels are still stranded and large amounts of freight need to be discharged, a South Korean court overseeing the carrier's collapse states that saving Hanjin from bankruptcy is realistically impossible, reports Reuters.

Photo: Reed Saxon/AP/POLFOTO

It is impossible to save Hanjin from bankruptcy if the carrier's so-called top priority debt is more than 1 trillion Korean won, the equivalent of USD 896 million, says the South Korean court overseeing Hanjin's collapse, according to Reuters.

Top priority debt refers to the outstanding amounts including claims from public stakeholders, which are to be paid first to creditors, and which also include damages to the shippers' cargo as well as due charter hire.

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