Hanjin Wins Approval Of $78M US Asset Sale

Law360, New York (January 18, 2017, 7:48 PM EST) -- A New Jersey bankruptcy judge on Wednesday approved Hanjin Shipping Co.’s request to sell off its stake in a terminal operator for $78 million, over the objections of U.S.-based creditors, saying that the Korean courier showed a sincere effort to enhance the sale value in a limited amount of time.

U.S. Bankruptcy Judge John K. Sherwood granted a request filed by Hanjin’s foreign representative to recognize and enforce a Korean court’s order authorizing the bankrupt company to sell its U.S.-Asia transpacific business to a consortium of Terminal Investment Limited Sarl and Hyundai Merchant Marine Co.

The assets at issue include Hanjin’s...

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