Report: US Court Approves Sale of Hanjin’s Stake in TTI

The US Bankruptcy Court has approved the USD 78 million sale of Hanjin Shipping’s stake in terminal operator Total Terminals International (TTI) to Terminal Investment Limited (TIL), an affiliate of the Swiss Mediterranean Shipping Company (MSC), Reuters reports.

The sale of Hanjin’s 54 percent stake in TTI, which operates container terminals at the Port of Seattle and the Port of Long Beach, was given a nod by the Seoul Central District Court in December. Following this, the South Korean bankruptcy court sought approval from US authorities, including the relevant ports.

In late December, the Long Beach Board of Harbor Commissioners gave its approval for the deal, under which MSC will take over sole control of the long-term lease of the port’s largest terminal, the 381-acre Pier T container terminal.

The remaining 46 percent stake in the terminal operator is already held by MSC.

The transfer of the sale’s proceeds to South Korea would also be approved, Reuters cited US Bankruptcy Judge John Sherwood as saying.

The approval may reportedly help prevent a bankruptcy filing by TTI as the terminal operator recorded a decrease in its container throughput after Hanjin filed for court protection on August 31, 2016.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 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 1

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >