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Creditors brace for huge losses as Hanjin liquidation raises just 2.1% of total claims

Creditors brace for huge losses as Hanjin liquidation raises just 2.1% of total claims

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The trustee overseeing Hanjin Shipping’s bankruptcy proceedings has warned creditors that the Korean line has managed to raise just $220m – just 2.1% of what it owes – nearly one year on from the moment the shipping company sought bankruptcy protection.

Creditors claims mounting against defunct Hanjin Shipping now stand in the region of $10.5bn, according to papers filed at a bankruptcy court in New Jersey last Friday.

Trustees have been unable to confirm when distributions to creditors will start.

When Hanjin filed for court protection on August 31 it triggered supply chain chaos around the world, officially being declared bankrupt on February 17 this year, becoming the biggest financial casualty in the 61-year history of container shipping.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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