Doubts Raised On Hanjin Rehab Plan As Ships Clog Busan Port
September 21, 2016
The South Korean court handling Hanjin Shipping’s receivership cast doubt on the container carrier’s ability to survive a restructuring, news reports said, as 13 Hanjin ships crowded waters outside the country’s biggest port.
A rehabilitation plan for the world’s seventh-largest container carrier is “realistically impossible” if top priority debt such as backlogged charter fees exceed 1 trillion won ($896 million), the Seoul Central District Court said, South Korea’s Yonhap newswire reported on Wednesday.