U.S. approves sale by Hanjin Shipping Co of Total Terminals stake
Bankrupt South Korean shipping line Hanjin Shipping Co Ltd (117930.KS) won U.S. court approval at a hearing on Wednesday for the $78 million sale of its stake in U.S. terminal operator Total Terminals International LLC, overcoming objections of container companies.
According to MANA, "My decision is to approve the sale," U.S. Bankruptcy Judge John Sherwood said, adding he would approve the transfer of the sale's proceeds to South Korea.
Calling the purchase “a good deal,” U.S. bankruptcy Judge John K. Sherwood said in making the decisions, he considered what would happen if he didn’t act swiftly to unload the South Korean company’s asset.
TTI, which operates Pier T at the Port of Long Beach and Terminal 46 at the Port of Seattle, was flirting with financial ruin after revenue from Hanjin’s cargo ships dried up.