Seoul Central District Court, which is overseeing Hanjin Shipping’s receivership process, plans to publish a notice to put the bankrupt containerline’s Asia-U.S. operations up for sale as early as tomorrow, a court spokeswoman said this morning.
The move is part of efforts to raise funds for the restructuring of the company, which filed for court receivership at the end of August.
The court’s notice will provide information including the bidding schedule and deadline for submissions, with the court expecting to sign an agreement on the sale by mid-November. Assets to be put up for sale could include operating systems for Hanjin Shipping’s Asia-U.S. routes as well as some containerships.
Hanjin Shipping shares jumped today on the news, trading up 29.8% at KRW1,395.
Splash understands Hanjin’s rehabilitation plan will look to reshape the Korean line into an intra-Asia container player, selling its larger boxships and its dry bulk fleet. It has until December 19 to submit rehabilitation plans.