Hanjin Group drawn into US bankruptcy proceedings

Hanjin Group drawn into US bankruptcy proceedings

Hanjin Group risks being drawn into the US bankruptcy proceedings of subsidiary Hanjin Shipping.

The New York Shipping Association-International Longshoremen’s Association Pension Trust Fund, which claims it is owed $31m in pension benefits by the bust containerline, sought court permission on Monday to investigate the relationship between the South Korean carrier and its parent. The fund is looking to see whether other Hanjin affiliates such as Korean Air could help pay the missing $31m.

“Hanjin has sought from this court the protections of the United States bankruptcy laws,” the retirement fund said. “It should now explain to this court why it is thumbing its nose at other laws of the United States.”

Hanjin Shipping entered court protection at the end of last August becoming the biggest containerline casualty in history, sending supply chain shockwaves around the world.

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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