The Seoul Central District Court decided on a bankruptcy administrator and the creditors’ claims are due by 1 May this year. The court noted that they want to ensure a maximum of debt repayment during the bankruptcy process that is fair and balanced to the creditors. The creditors’ first meeting will be held on 1 June, 2017.
One of the company’s competitors, South Korea’s Hyundai Merchant Marine (HMM), has already taken over parts of the company’s network. HMM has taken Hanjin’s container terminals in Tokyo, Japan and Kaohsiung, Taiwan for $13m. They have even bought facilities in Algeciras, Spain.
Matters are even worse for the former employees of Hanjin Shipping. Over half of the workforce has remained unemployed six months after the company declared bankruptcy, according to Korea’s Financial Services Commission. The latest figures show that Hanjin had 1,469 employees last September. Currently, only 728 have been able to find employment elsewhere while the other 741 employees have struggled to find new employment.