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...

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