Executive Briefings

Hanjin Shipping Says Bankruptcy Claims Top $10Bn

South Korea's Hanjin Shipping Co., which roiled global trade and temporarily marooned more than half a million cargo containers when it filed for bankruptcy, says it has raised only a fraction of what it needs to repay creditors, whose claims total about $10.5bn.

In recent court papers filed with the U.S. Bankruptcy Court in Newark, N.J., the trustee overseeing the carrier's bankruptcy proceeding in Seoul said Hanjin has raised about $220m since filing for bankruptcy nearly a year ago.

Hanjin, once one of the world's largest container-shipping companies, filed for receivership in South Korea in August last year. The company has since been selling ships, stakes in seaport terminals and other assets, with proceeds destined to repay creditors, whose claims must pass muster with a Korean court.

The carrier says more than 180 creditors attended an initial court-supervised meeting, held June 1.

In this month’s court papers, Hanjin said it was unclear when distributions to creditors would begin. But it made clear those distributions would be carried out according to a plan worked out in South Korea and consistent with Korean bankruptcy law.

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In recent court papers filed with the U.S. Bankruptcy Court in Newark, N.J., the trustee overseeing the carrier's bankruptcy proceeding in Seoul said Hanjin has raised about $220m since filing for bankruptcy nearly a year ago.

Hanjin, once one of the world's largest container-shipping companies, filed for receivership in South Korea in August last year. The company has since been selling ships, stakes in seaport terminals and other assets, with proceeds destined to repay creditors, whose claims must pass muster with a Korean court.

The carrier says more than 180 creditors attended an initial court-supervised meeting, held June 1.

In this month’s court papers, Hanjin said it was unclear when distributions to creditors would begin. But it made clear those distributions would be carried out according to a plan worked out in South Korea and consistent with Korean bankruptcy law.

Read Full Article