THE Seoul Central District Court overseeing the collapse of Hanjin Shipping, is considering the sale of its Asia-US business to raise money to ease the company's debt burden.
Seoul court mulls sale of Hanjin Shipping's Asia-US business THE Seoul Central District Court overseeing the collapse of Hanjin Shipping, is considering the sale of its Asia-US business to raise money to ease the company's debt burden. The plan was set in motion after a detailed evaluation of the company under bankruptcy protection indicated its assets could be more valuable if sold in parts, a court spokesman told Bloomberg.
A sale would include employees and customers of Hanjin subsidiaries involved in handling Asia-US cargo as well as some vessels, he said.
The effort to sell the company in parts comes after the court indicated last month that it would consider selling the entire container line.
The Seoul court, which established a committee to evaluate Hanjin, hasn't determined what to do with Hanjin's other operations including those moving goods between Asia and Europe, the spokesman said. Hanjin is required to submit its own proposal for revival by December 23.
