The federal bankruptcy court judge made his ruling after holding a telephone conference with a South Korean judge involved in the main Hanjin bankruptcy proceedings in Seoul.
Judge Sherwood approved the sale of Hanjin's 54 per cent stake in Total Terminals International (TTI). Judge Sherwood said he was convinced US creditors would be treated fairly, but the ruling is subject to appeal until January 27. The deal is expected to close after that date.
Terminal Investment Ltd (TIL) will pay US$78 million for TTI and relieve Hanjin of $54 million in debt for its 54 per cent stake in TTI.
Meanwhile, Hyundai Merchant Marine (HMM), said its board of directors decided to purchase a 20 per cent stake in TTI and the equipment leasing company HTEC for $15.6 million, which it said was at "low investment costs."
HMM said Mediterranean Shipping Co (MSC) will "stand surety" for TTI's loans so HMM is not responsible for TTI's debts.
HMM will receive the same port tariff rates as MSC, which will reduce terminal handling costs and "secure stable profitability," HMM said. MSC and HMM are expected to be the primary users of the TTI facilities, American Shipper reported.
HMM said it will strengthen and improve the "sales competitiveness" of its Asia-US services through a strategic cooperation with the 2M Alliance of Maersk Line and MSC beginning this April, expanding its basic slot allocation and improving its competitiveness with its TTI stake.
Judge Sherwood approved the sale of Hanjin's 54 per cent stake in Total Terminals International (TTI). Judge Sherwood said he was convinced US creditors would be treated fairly, but the ruling is subject to appeal until January 27. The deal is expected to close after that date.
Terminal Investment Ltd (TIL) will pay US$78 million for TTI and relieve Hanjin of $54 million in debt for its 54 per cent stake in TTI.
Meanwhile, Hyundai Merchant Marine (HMM), said its board of directors decided to purchase a 20 per cent stake in TTI and the equipment leasing company HTEC for $15.6 million, which it said was at "low investment costs."
HMM said Mediterranean Shipping Co (MSC) will "stand surety" for TTI's loans so HMM is not responsible for TTI's debts.
HMM will receive the same port tariff rates as MSC, which will reduce terminal handling costs and "secure stable profitability," HMM said. MSC and HMM are expected to be the primary users of the TTI facilities, American Shipper reported.
HMM said it will strengthen and improve the "sales competitiveness" of its Asia-US services through a strategic cooperation with the 2M Alliance of Maersk Line and MSC beginning this April, expanding its basic slot allocation and improving its competitiveness with its TTI stake.