Hanjin Creditors Seek to Keep Ships Anchored in U.S. Waters Unless U.S. judge intervenes, unloaded ships are free to set sail to foreign ports not recognizing creditors’ rights
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| It remains unclear as to whether Hanjin will liquidate or attempt to survive bankruptcy through a restructuring. Photo: Zuma Pres |
Creditors of Hanjin Shipping Co. , fearful of having their collateral disappear over the horizon, have asked a U.S. bankruptcy judge to reconsider a ruling preventing them from seizing several of the South Korean carrier’s ships.
A group of creditors who have gone unpaid for services such as towing and fueling say that the judge’s order shouldn’t apply to vessels chartered by Hanjin because they aren’t legally its property. The creditors have liens against Hanjin ships that would ordinarily allow them to foreclose on the vessels.
Unless the U.S. judge intervenes, ships that have unloaded their cargo in the U.S. are free to set sail for foreign ports that may not recognize the creditors’ rights.
At least seven Hanjin vessels have been “arrested” at ports in China, Singapore, India and elsewhere, according to a carrier’s vessel status report.
Read more: http://www.wsj.com/articles/hanjin-creditors-seek-to-keep-ships-anchored-in-u-s-waters-1473892577
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Maersk picks up customers after Hanjin goes under
Biggest container shipping group benefits from South Korean rival’s bankruptcy
yesterday - by: Richard Milne, Nordic Correspondent
Maersk Line, the world’s largest container shipping group, is benefiting from an apparent flight to safety following the bankruptcy of its South Korean rival Hanjin, by picking up new customers on major trade routes.
