US bankruptcy Judge John Sherwood approved an application by Hanjin for Chapter 15 bankruptcy which extends the protection which it is already granted in Korea under its receivership filing to the US as well.
The order is a temporary one and Hanjin will have to return to the courts on Friday for a final order following talks with stakeholders to resolves issues it has terminal operators, shippers and other parties.
The order would allow Hanjin’s ships to dock at ports in the US and unload containers, without fear of arrest by creditors. Currently vessels are sat outside the 12nm territorial limit to avoid arrest. However, even if the vessels do come into port the company will need to strike deals with terminal operators and other service providers that are concerned that they will not get paid for working on Hanjin’s vessels.
The company is set for a $90.6m cash injection from parent the Hanjin Group and chairman Cho Yang-ho to cover the costs of berthing and unloading its vessels.
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