Hanjin Shipping assets put up for sale

The Korea Herald reported South Korean liner carrier Hyundai Merchant Marine is reviewing U.S. trade assets of the former competitor.

   The Seoul Central District Court confirmed Friday that it will put up a public notice of sale for Hanjin Shipping’s Asia-US network and will “receive letters of intent by Oct. 28,” according to an article by The Korea Herald.
   Prices have not been determined yet, and bidding is slated for Nov. 7.
   The sale includes the carrier’s five containers, seven overseas subsidiaries, freight distribution system and some 500 employees in the U.S., The Korea Herald said.
   The newspaper also reported, South Korea-based Hyundai Merchant Marine “has reportedly started reviewing the asset value of Hanjin’s Asia-US network, but the company remains cautious, as any massive injection could be a strain for Hyundai who has just completed its creditors-led self-recue plans.”