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Accountancy firm recommends liquidation of bankrupt Hanjin Shipping
Accountancy firm PricewaterhouseCoopers (PwC) has recommended liquidation over rehabilitation for bankrupt Hanjin Shipping.
1 Min Read
Kalyakan - stock.adobe.com
In a report on Hanjin submitted to the Seoul bankruptcy court PwC said that liquidation would be “more economical” than rehabilitation, Yonhap reported.
PwC estimated the liquidation value of Hanjin at KRW1.79bn ($1.53bn). The company had over $5bn in debts when it filed for receivership on 31 August.
Hanjin has until 3 February 2017 to submit a rehabilitation plan to the courts but the latest report would appear to push the firm closer to liquidation.
The bankruptcy court has been selling assets of Hanjin to pay down debts, including its Asia – US business which has been sold to Korea Line for $31.4m.
As of the end of November had just eight container vessels left in its fleet.
Read all the background to the Hanjin Shipping bankruptcy on our timeline
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