Law firm Clyde & Co said in an update that the deadline of submission of a draft rehabilitation plan by Hanjin to the Seoul Central District Court had been extended from 23 December to 3 February 2017.
Hanjin filed for receivership on 31 August in the largest container shipping bankruptcy in the history of the sector.
As result of the date change for submission of a draft rehabilitation plan the claim investigation/adjudication period has been extended from 15 November to 6 December, while for those who have claims rejected the appeal date will be extended to 5 January 2017. The first meeting of interested parties has been moved from 9 December to 13 January 2017.
“As we have mentioned in our previous updates, reports suggest that Hanjin's rehabilitation plan is unlikely to result in a full recovery for creditors,” Clyde & Co commented.
“Furthermore, there is considerable speculation in the press as to whether the rehabilitation plan will succeed or whether Hanjin will become insolvent.”
Read all the background to the Hanjin Shipping bankruptcy on our timeline
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