HMM Among 5 Bidders to Take Over Hanjin’s Transpacific Routes
South Korea’s Hyundai Merchant Marine (HMM) is one of five bidders for the trans-Pacific and intra-Asia networks of Hanjin Shipping Co, reports WSJ. HMM submitted letters of intent to bid on Friday, the last day for such submissions.
The five bidders now have until Nov. 4 to review the assets, which include the vessels that operate on the trans-Pacific route. The final bids due Nov. 7
According to various reports, the Korea Line Corporation, and the Korea Shipowners’ Association (KSA) are among five bidders for Hanjin Shipping’s transpacific operations. However, a judge at the Seoul Central District Court, which is handling Hanjin’s insolvency proceedings, confirmed the five bids, but declined to identify the bidders.
Samil PricewaterhouseCoopers, which is managing the asset sale, said it would accept final bids until Nov. 7, with a view to signing a sale agreement by the middle of the month.
Interested parties will then have until November 7 to submit firm bids for the Asia-US assets, which include manpower of around 500 employees, five container vessels, seven overseas units and cargo distribution system.
The Korean government has said it would back Hyundai in buying Hanjin assets, provided the purchase would help it stay competitive. But analysts said it is doubtful whether Hyundai will actually go through with the acquisition, as its Asia-U.S. operations substantially overlap Hanjin’s.