A Seoul court pushed back the deadline for receiving a rehabilitation plan for Hanjin Shipping from Dec. 23 to Feb. 3, according to South Korea’s Yonhap News Agency.
A Seoul court pushed back the deadline for accounting firm Samil PricewaterhouseCoopers to submit a rehabilitation plan for Hanjin Shipping, which filed for court receivership in Seoul on Aug. 31.
South Korea’s Yonhap News Agency said that according to Hanjin, the rehabilitation plan is not required to be submitted until Feb. 3, instead of the previous deadline of Dec. 23.
Earlier this week, bulk shipping company Korea Line was chosen as the preferred bidder for Hanjin’s business between Asia and the United States. Korea Line has also been given the opportunity to bid on Hanjin’s stake in the Port of Long Beach.
Hanjin’s Asia-U.S. route generates sales of up to 4 trillion won each year, and its market share stands at 7 percent, Yonhap said.
“Hanjin Shipping badly needs cash to repay debts and meet unpaid service bills,” Yonhap said. “At the end of June, its debt reached 6 trillion won.”
Seoul court delays deadline for receiving Hanjin rehabilitation plan
