Home / Shipping / Aviation/ Hanjin Shipping bankruptcy costs $10 b

Hanjin Shipping bankruptcy costs $10 b


Comments / {{hitsCtrl.values.hits}} Views / Monday, 4 September 2017 00:00


South Korean shipping company Hanjin Shipping has raised only $220 million, or about 2%, of the $10.5 billion that creditors claim is due, according to the Wall Street Journal.

A trustee charged with Hanjin Shipping’s Korean bankruptcy case in Seoul said Hanjin has raised about $220 million since filing for bankruptcy nearly a year ago.

At least 180 creditors were present for the court hearing on June 1, 2017.

Hanjin Shipping in court was unable to say when distribution to creditors would begin.

Formerly ranking in the top 10 for global shipping, Hanjin has recently sold ships and other assets to pay off creditors.

A US Judge in March, 2017 cleared Maher Terminals to sell Hanjin containers from its New York-New Jersey terminal in order to pay off claims owed by Hanjin.

Earlier in the year, Hanjin Pacific Corporation (HPC) sold its 100% stake in Tokyo (Japan), Kaohsiung (Taiwan) and Algreciras (Spain) terminals for $ 13.15 million to fellow Korean shipping company Hyundai Merchant Marine.

Hanjin Shipping was declared bankrupt on February 17, 2017 by a South Korean court. Hanjin’s collapse is the largest to hit the shipping sector and sent shockwaves through the industry.

 


Share This Article


COMMENTS

Today's Columnists

Is Iran a threat to global peace?

Saturday, 18 November 2017

The aim of this article is to explore Iran’s nuclear program and its consequences throughout the world. Iran one of the nuclear power countries in the Middle East, which has brought very grave concern to the US.


Maldives forcefully voices plight of small island states at climate change conference

Saturday, 18 November 2017

The plight of small island states was forcefully voiced by Maldivian Minister for Environment and Energy Thoriq Ibrahim at the 23rd Conference of Parties to the UN Convention on Climate Change (COP23) being held in Bonn, Germany.


The Blue Green Budget of the Unity Government

Friday, 17 November 2017

The Budget proposals of the Unity Government under the theme ‘Blue Green Budget’ for the fiscal year 2018 are expected to support the achievement of medium-term targets such as Per Capita Income of $ 5,000


Starship budgets and the “Bicycle Brigade”

Friday, 17 November 2017

One has only to read the wide and varied responses to Budget 2018 (B18) to realise how fissured our society is.


Columnists More