What once was the South Korean’s largest carrier, Hanjin Shipping, is now selling part of its businesses, including Asia- America routes. The company will be receiving letters of intent from potential buyers by October 28 and binding bids by November 7.
The court handling the case of Hanjin´s bankruptcy approved the firm’s sales in order to pay the creditors. The Korean shipping company has a total debt of 6,03 trillion Won, or $5,41 billion.
Just about two months after Hanjin filed for bankruptcy protection, the company’s capacity has reduced until place 17 in global rankings, according to data provider Alphaliner.
Hanjin will be selling its network of Asia- U.S routes, including manpower administrative systems, 5 containerships, and 10 overseas businesses. However, the names of the potential buyers or the prices of the assets were not revealed.
Other shipping companies such as Hyundai Merchant Marine (HMM) and the Danish conglomerate Maersk have been mentioned as interested in acquiring Hanjin’s assets, but either of them has confirmed its intentions yet.
Hanjin Shipping has a total fleet of 97 containerships, of which 37 are the company’s property.
On Thursday, Korea’s Maritime Ministry said 68 of 97 ships have unloaded cargo at ports. About 14 ships are still stranded at sea and 15 are heading back to Korea’s ports. Korean government expects 90% of Hanjin’s ships to complete unloading by the end of October.