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[White & Case] Hanjin Shipping Co., Ltd: Liquidation or a Different Path?

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작성일16-09-22 23:33

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Briefing note | Financial Restructuring and Insolvency

Hanjin Shipping Co., Ltd:

Liquidation or a Different

Path?

 

 

September 2016

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Authors: Thomas LauriaChristopher P. Frampton, David Manson, James K. Lee, Ji Hoon Hong, Damien Whitehead

On September 1, 2016, Hanjin Shipping Co., Ltd (Hanjin), the world’s seventh

-largest container shipping company, sought court protection under Korean 

bankruptcy and rehabilitation laws. The move ends many months of efforts 

by Hanjin to negotiate a voluntary restructuring agreement with its principal 

creditors. Disruptions in logistical operations, vessel arrests and delays to 

vessel voyages and cargo deliveries have been a significant side effect - 

with up to USD $14bn of cargo in limbo as vessels have been turned away 

from ports or stayed at sea whilst the situation is stabilised. Attempts to 

access new vital business funding for Hanjin’s operations are continuing and

legal recognition of the newly opened Korean rehabilitation proceedings has 

been sought in other jurisdictions (including in the US and English courts). 

Hanjin’s situation has a wide variety of consequences, both for creditors of 

Hanjin and for the wider container sector.

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