Financially-troubled Korean container carrier Hanjin Shipping has sold its remaining stake in H-Line Shipping as it pushes to boost its liquidity through asset sale.
The company has booked KRW 34 billion (USD 29.6 million) from the sale, the company revealed in a stock exchange filing today.
Hanjin revealed its plans on the sale of its 22.2% stake in November 2015. Private equity firm Hahn & Company holds a 77.8% stake in the business.
H-Line Shipping, an entity created in 2014 following Hanjin’s offloading of dry bulk and LNG shipping businesses for USD 298 million, operates a fleet of 50 vessels, 43 bulkers and 7 LNG tankers, based on the information on the company’s website.
The sale follows that of Hanjin’s office building in London in March for KRW 66.7 billion (USD 57.2 million).
Having been faced with an outstanding debt of USD 406 million due in the first half of this year, the company is working on improving its financial structure and “normalizing” its management.
Hence, Hanjin Shipping applied for a debt restructuring agreement with creditors on April 25. The creditor group is now reviewing the proposal, with a date on the final decision not disclosed yet.
World Maritime News Staff