AsiaContainers

Hanjin liquidation one step closer

Samil PricewaterhouseCoopers (PwC) is recommending Hanjin Shipping be liquidated, likely marking the end of what was once South Korea’s largest shipping line.

PwC was tasked by a court in Seoul overseeing Hanjin’s court receivership to carry out a due diligence report on the line. PwC is understood to have worked out that liquidating can generate KRW1.9trn ($1.6bn), more than twice the KRW800bn it might earn if it continued to operate.

Creditors have already managed to sell off more than 90% of Hanjin’s fleet. The court in Seoul will make a final decision on what to do with Hanjin in early February.

With an hour left of trading Hanjin’s share price was down 20% today in Seoul.

Tags

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.
Back to top button
Close
Close