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US judge approves Hanjin Shipping terminal sale

A US federal bankruptcy judge on Wednesday approved the sale by Hanjin Shipping of its stake in terminal operator Total Terminals International (TTI) for $78m, according to Reuters.

Hanjin filed for bankruptcy in August and has been selling its assets for months.

Judge John Sherwood’s decision allows for the sale proceeds to be sent to South Korea, Hanjin’s home country, where courts have already approved the sale.

Some creditors in the US are concerned they might not be able to recoup their debts. Judge Sherwood said he was assured by the Korean authorities that US claimants would be fairly treated.

The judge said that one factor in his decision was the backing of the ports of Long Beach and Seattle for the sale.

Another factor was that the sale could help TTI to avoid bankruptcy.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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