Hanjin Shipping tells bankruptcy court its US assets are far less than its liabilities

Failed South Korean giant Hanjin Shipping told a New Jersey bankruptcy court on Tuesday that its liabilities in the US are far greater than its assets there.

Those assets amount to $124m while liabilities are $340m, the company said in a disclosure which it had been first scheduled to make last Friday.

Several US logistics businesses that dealt with Hanjin, were awaiting the disclosure with interest, as were insurance companies with clients who were Hanjin suppliers.

Last week Hanjin announced a deal to sell its 54% stake in Total Terminals International (TTI) at the Port of Long Beach in California to Swiss firm Mediterranean Shipping Company (MSC).

A sale would go some to helping Hanjin cover its debts. But that deal also needs to be recognized by the US court.

Hanjin filed for bankruptcy in Seoul in late August after losing the support of banks.