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Published on Sep 5, 2016
한진해운, 미국 법원에 파산보호 신청
Hanjin, Korea's once mighty shipper has applied for bankruptcy protection in the United States.
This comes as the Korean government launched a special task force to deal with the possible impact on the country's maritime sector.
Hanjin, Korea's once mighty shipper has applied for bankruptcy protection in the United States.
This comes as the Korean government launched a special task force to deal with the possible impact on the country's maritime sector.
For details we turn to Kim Jung soo.
Hanjin Shipping has reportedly filed for bankruptcy protection in the U.S. at a court in Newark, New Jersey.
The Wall Street Journal says the application was filed last Friday, just two days after the company applied for protection in Korean courts.
The filing will prevent creditors from seizing Hanjin's U.S assets and block them from launching further legal action... while the company undergoes restructuring in Korea.
The report says the U.S. bankruptcy filing was made by Suk Tai-soo, Hanjin’s inside director and foreign representative.
The company currently operates over 60 regular lines world-wide... with a fleet of 140 container or bulk vessels.
The Wall Street Journal says Hanjin's bankruptcy will be regarded as "the largest container-shipping failure in history," dwarfing all previous carrier bankruptcies.
Meanwhile, the Korean government set up a special task force on Sunday to cope with potential disruptions in maritime trade... and the economy as a whole... caused by Hanjin's recent difficulties.
According to the Financial Services Commision, Hanjin Shipping currently owes over 64 billion won, or 58 million U.S. dollars, to a combined 457 contracted companies. Hanjin's possible delays in transport and satisfying its financial obligations could create problems for their operations as well.
The government task force will also instruct Hanjin Shipping to apply for prohibition of seizure orders in 43 countries... to further minimize the risk of creditors taking Hanjin's vessels.
It will also deploy teams to Korea's five major ports in Busan, Ulsan, Tongyoung, Changwon and Mokpo, to quickly identify and respond to problems arising in the shipping sector.
Kim Jung-soo, Arirang News.
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