ShippingWatch

Seoul court considers selling Hanjin's Asia-US business

The Seoul Central District Court is considering selling Hanjin in pieces after an evaluation committee has estimated that the assets could likely generate more value in parts. The company's Asia-US business might be the first to be divested.

Photo: Reed Saxon/AP/POLFOTO

The Seoul Central District Court overseeing the receivership filing of Hanjin Shipping Co. is considering a disposal of the sales-and-marketing network of the container line's Asia-US operations as part of efforts to raise funds at the indebted company.

The plan was set in motion after a detailed evaluation of the company under bankruptcy protection indicated its assets could be more valuable if sold in parts, a court spokesman said by phone Tuesday. A sale would include employees and customers of Hanjin subsidiaries involved in handling Asia-US cargo as well as some vessels, he said. The court intends to make a decision as soon as possible, he said.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Reefer rates to peak in fall season, followed by slow decline

Rates on refrigerated containers, or reefers, have increased by 50% in the second quarter compared to the same period in 2021, with growth set to continue in the third quarter. 2023, however, will see rates slowly declining, forecasts consultancy Drewry.

Further reading

Related articles

Latest news

See all jobs