As part of efforts to raise funds at the indebted Hanjin Shipping Co.,
the Seoul Central District Court overseeing its receivership filing, is considering a disposal of the sales-and-marketing network of the container line’s Asia-U.S. operations, reports Bloomberg.
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 11 October. A sale would include employees and customers of Hanjin subsidiaries involved in handling Asia-U.S. cargo as well as some vessels, he said. The court intends to make a decision as soon as possible, he said.
The effort to sell the company in parts comes after the court indicated last month that it would consider selling the entire container line, which sought bankruptcy protection in August.
The Seoul court, which established a committee to evaluate Hanjin, hasn’t determined what to do with Hanjin’s other operations including those moving goods between Asia and Europe, the spokesman said. Hanjin is required to submit its own proposal for revival by Dec. 23.
The court has yet to decide on the number of vessels or how many workers could be affected by a sale of the U.S.-Asia operations, the spokesman said. Hanjin Shipping had 1,428 employees as of June 30, according to its half-year financial report.
