Georgia Ports Authority and Maher Terminals, which operates the largest terminal at the Port of New York and New Jersey, have been granted approval to foreclose on Hanjin’s shipping containers and sell them.
Judge John K. Sherwood of the U.S. Bankruptcy Court in Newark, N.J. said both Maher Terminals and the Georgia Ports Authority (GPA) can foreclose on Hanjin’s shipping containers and sell them.
Maher Terminals, which operates the largest terminal at the Port of New York and New Jersey, has 256 Hanjin containers at its facility. According to court papers filed in late February, Hanjin is said to owe Maher over $3 million in penalties and storage fees due to these containers, WSJ said.
Maher and its attorneys estimated in court papers that each container would yield around $1,000 if sold in bulk.
Hanjin filed for bankruptcy protection at the Seoul Central District Court Aug. 31, and in early September, the carrier requested to have its rehabilitation in bankruptcy court in Korea recognized under Chapter 15 of the U.S. bankruptcy code.
Just last month, a bankruptcy court in South Korea officially declared Hanjin bankrupt after finding the troubled ocean carrier’s liquidation value was higher than its value as a continuing operation.
Prior to filing for court receivership, Hanjin was the largest Korean container carrier and the seventh largest in the world.
Judge grants Maher Terminals, GPA approval to sell Hanjin containers
