Court Pushes Deadline for Hanjin’s Rehabilitation Plan

South Korean Hanjin Shipping has received a deadline extension from Seoul Central District Court to submit its rehabilitation plan, the company said in a stock exchange filing.

The court moved the date of the first meeting to discuss the future of Hanjin Shipping to December 9, almost a month after the initial date of November 11.

After the first meeting, the company is expected to submit a new rehabilitation plan.

Hanjin Shipping decided to file for court receivership on August 31 as it succumbed to the prolonged depression in the shipping market.

Following the company’s move, Korean Financial Services Commission (FSC) said that the government “will promote sales of Hanjin Shipping’s core assets to Hyundai Merchant Marine in a bid to maintain competitiveness of the shipping industry.”

The decision to file for court receivership was made after the company’s creditors, led by Korea Development Bank (KDB), said they would not provide additional financial support to Hanjin starting from September 4.

Alphaliner earlier said that the poor handling of Hanjin Shipping’s collapse has done irreparable damage to the Korean carrier’s reputation, and it is improbable that Hanjin Shipping can be revived as it was despite the Seoul district court’s approval for rehabilitation.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

5th Mozambique Gas Summit & Exhibition

CWC Group in partnership with ENH and with the support and participation from MIREME and INP…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

Offshore Energy Exhibition & Conference (OEEC)

It is unique in bringing together the oil and gas, offshore wind and marine energy industry…

read more >

Seatrade Maritime Middle East

The three days will include a thought-provoking, educational conference programme…

read more >