In a bid to recover from a liquidity deficit, Hanjin Shipping is currently mulling the sale of its terminal at the Port of Long Beach for more than US$90 million, according to The Korea Times.
The shipping company is reportedly looking to sell the terminal to Hanjin Group in order to help it stay afloat in a market beleaguered by low freight rates and a low oil price.
An unnamed creditor group official said: “I don't think Hanjin Group has the financial room to reach the total of 700 billion won [US$639.5 million] to help the shipper. It is very likely that the shipper will enter receivership.”
This news was announced around the time when Hanjin Shipping was given a year to raise more than US$1 billion in finance in order to avoid bankruptcy.
This followed reports that the company was being pressured by its creditors to raise more cash in order to address a cash shortage at the company.
