Bankrupt Hanjin Lands Ch. 15 Recognition In NJ

Law360, New York (December 14, 2016, 7:27 PM EST) -- A New Jersey judge formally recognized Hanjin Shipping Co. Ltd.’s South Korean bankruptcy proceeding Tuesday and affirmed an earlier order barring U.S. creditors from seizing any of the container shipping giant’s assets or terminating contracts without the court’s blessing.

U.S. Bankruptcy Judge John K. Sherwood issued an order formally bringing Hanjin under the protection of U.S. bankruptcy law and overruling objections from a number of U.S. creditors seeking to assert so-called common benefit claims against Hanjin. The order essentially nips attempts by U.S. creditors to get carve-outs or jump-the-line privileges in their efforts to protect their rights to assert claims and...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!