The sale of bankrupt Hanjin Shipping’s stake in the U.S. terminal operator Total Terminals International (TTI) will be determined on Wednesday (January 18, 2017) after the judge for the court case completes discussions with court officials in South Korea.
The deal, which has faced criticism from container companies but been approved by the Seoul Central District Court in South Korea, will see Hanjin sell its 54% stake in TTI for $78 million to Luxembourg-headquartered Terminal Investment. This includes forgiving $54.6 million in debt.
John Sherwood, the Judge overseeing the case, has heard creditors of Hanjin express concerns over the value of the stake and sale proceeds going to South Korea, which they fear will not give proper consideration to claims that they will not recoup the money as creditors overseas will be prioritised.
