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PostHeaderIcon Hanjin to sell Asia-US network to pay creditors

HANJIN Shipping is selling major businesses, including its Asia to US route network, and will receive letters of intent by October 28, the company said recently.

The firm had total debt of KRW6.03 trillion (US$5.41 billion) as of the end of June, according to its bankruptcy court filing.

A list of 3,000 Hanjin creditors has been released with the top five creditors overall being Seaspan Corporation, Danos Corporation, Peter Doehle, World Fuel Services and Burlington Northern Santa Fe Railroad.

Hanjin Shipping received court approval to seek buyers for assets in order to pay back creditors now in the process of making claims until October 25, reported the Maritime Executive of Fort Lauderdale.

A spokesman for the Seoul Central District Court overseeing Hanjin Shipping's receivership said assets currently set to be put up for sale include the entire operations of Hanjin Shipping's US to Asia routes such as manpower systems, five container ships, and 10 overseas businesses.

The port of Long Beach revealed that container volumes in September fell 16.6 per cent compared to the same month a year ago, as the effects of Hanjin's bankruptcy reached US west coast ports.

Hanjin Shipping accounted for approximately 12.3 per cent of the port's total containerised volume, it said.

 
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