Two Final Bids for Hanjin
Bankrupt Hanjin Shipping Co has received two final bids for its Asia-U.S. route and its 54% ownership in the Long Beach terminal, the Wall Street Journal reported.
Hyundai Merchant, South Korea’s largest shipping line, and Korea Line, a smaller operator, have both submitted proposals to acquire Hanjin’s trans-Pacific assets.
In their proposals, both companies also expressed their intention to purchase Hanjin’s 54% stake in Total Terminals International LLC, which runs Long Beach Terminal in California.
The bidders declined to provide further details, such as bidding prices for Hanjin’s assets.
A judge at the Seoul Central District Court, which is handling Hanjin's insolvency proceedings, said the court planned to choose a preferred buyer by Monday and sign a formal contract by Nov. 21.