Americas News
Hanjin Reports U.S. Assets Fall Significantly Short of Liabilities
Hanjin Shipping Co. Ltd (Hanjin) Tuesday told the U.S. Bankruptcy Court for the District of New Jersey that its liabilities in the country far exceed its U.S. assets, Splash 24/7 reports.
The company's U.S. assets are noted to total more than $124 million, while liabilities are reported to amount to $340 million.
Monitoring the disclosure with interest is a number of U.S. logistics companies, reported to have significant claims against Hanjin, including one container company claiming they are owed $22 million.
Last week, in an effort to cover some of its debts, Hanjin announced that it would sell its 54 percent share of Total Terminals International (TTI) the Port of Long Beach to the Mediterranean Shipping Company S.A. (MSC), pending final approvals.
Hanjin, South Korea's biggest shipping firm and the world's seventh largest box carrier, filed for court receivership in August.
In October, a list of creditors of bankrupt Hanjin Shipping was released, showing ten bunker companies were collectively owed around $64 million.
