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.