Bankrupt Hanjin Shipping has signed a deal with MSC to sell its 54% stake in Total Terminals International, an operator of terminals at Long Beach.
MSC already holds 46% of the terminal company and faced only one other bidder, a Korean private equity firm. Originally MSC had paired with Hyundai Merchant Marine to bid for the stake, however HMM pulled out from the consortium last week.
The Seoul Central District Court has approved the deal, the exact value of which was not revealed, and it is now subject to approval by US authorities.
The sale moves Hanjin Shipping another step closer to liquidation, with creditors already having sold off more than 90% of its fleet.