Hanjin Shipping’s fate will now be decided in February rather than December as originally planned.
The Korean line, which sought court protection at the end of August, was meant to submit a rehabilitation plan to a court in Seoul by December 23. This has now been delayed to February 3 as the court has decided to give Hanjin’s accountants, Samil PricewaterhouseCoopers, extra time to assess the company’s finances.
Most Hanjin assets have been put up for sale in the past couple of months. This week Korea Line Corp won a bid to take on Hanjin’s transpacific operations. Splash understands Hanjin senior management has been trying to reposition the line as an intra-Asia operator in order to survive.
However, local analysts have repeatedly warned in recent weeks that liquidation remains the most likely decision for what was once South Korea’s largest shipping line.
