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 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.