The rehabilitation process for Hanjin Shipping is due to end on February 17th, Yonhap News Agency cited the Seoul Central District Court.
The South Korean court made the decision on Thursday, half a year on from when the cash-ridden shipping liner was formally put under court receivership, which is to date still the biggest casualty of the recent slump in the shipping industry.
The company filed for court receivership in late August 2016 as its creditors, led by the state-run Korea Development Bank (KDB), said they would not provide additional financial support to Hanjin starting from September 4.
The company has been continually selling a number of its key assets in a desperate bid to pay back a number of its creditors. The said assets have been inclusive of its complete Asia to US trading network, a large number of its containership fleet and a considerable amount of its overseas businesses.
Earlier this week, Hanjin’s stake in Total Terminals International (TTI), the operator of two facilities in Long Beach and Seattle, was sold to Swiss-based Mediterranean Shipping Company (MSC) and South Korean Hyundai Merchant Marine (HMM).
The acquisition, undertaken by MSC’s subsidiary Terminal Investment Limited (TIL) and HMM, includes all of Hanjin’s equity and shareholder loans in both TTI and the associated terminal equipment leasing company Hanjin TEC Inc.