In an effort to boost its liquidity and reduce its quarterly loss, the South Korean shipping company Hanjin Shipping is looking to sell its stake in US container terminal, located in Long Beach, Korea Herald cited sources close to the matter.
Namely, the company would reportedly sell its share in the Long Beach-based Total Terminal International (TTI), which has a capacity to process more than 3 million TEUs on and off vessels per year, for a price of some KRW 100 billion (USD 91.5 million).
The sale would be the the company’s latest attempt to get back on track after it disposed of a number of assets earlier this year.
Due to a prolonged period of slowdown in the shipping industry, the cash-strapped shipping firm in July launched negotiations with local and financial companies in an effort to delay the repayment of its KRW 2.5 trillion debt by up to three years.
Hanjin Shipping started its creditor-led restructuring after receiving approval in May from its seven lenders, led by state-run Korea Development Bank, to move forward with its corporate rehabilitation program.
World Maritime News Staff