[Aju News DB]
South Korea's embattled container carrier, Hanjin Shipping, faces liquidation after a bankruptcy court approved the proposed sale of its stake in a terminal in California to a Geneva-based shipper.
In a decision late Tuesday, a Seoul court approved the sale of Hanjin's 54-percent stake in Total Terminals International (TTI) to Geneva-based Mediterranean Shipping. Terms of the contract were not disclosed. TTI operates facilities in Long Beach and Seattle and handles some 30 percent of cargo along the US West Coast.
With the deal that requires approval from US authorities, the court will be able to step up Hanin's liquidation. The deal came after SM Group, a mid-sized conglomerate that owns Korea Line Corp., withdrew its bid.
Hanjin, which used to South Korea's largest shipper, has sold key assets since it filed for court receivership in August. The company's lucrative Pacific shipping route and related assets have been sold to Korean Line.
reporter
Park Sae-jin
swatchsjp@ajunews.com
