In International Shipping News 07/09/2016
A federal judge has temporarily granted Hanjin Shipping Co.’s request to have bankruptcy protections from its South Korean proceedings recognized in the United States.
The world’s seventh largest ocean shipper is seeking protection from creditors in dozens of countries, hoping to minimize seizures of its vessels and other assets.
Judge John Sherwood in Newark, New Jersey, on Tuesday ordered a hearing on Friday to make sure that creditors are protected during the bankruptcy.
Sherwood’s ruling came after Hanjin Group said it will inject $90 million to help resolve disruptions to container cargo transport caused by Hanjin Shipping’s financial troubles.
The move follows South Korean government demands that the parent company do more to help as Hanjin’s vessels remain stranded outside ports after the company filed for bankruptcy protection last week.
Source: Associated Press
