Hanjin Shipping postpones first meeting with creditors claiming $26 billion

Hanjin Shipping has postponed its first meeting with creditors – owed around $26 billion – until 31 March.

According to South Korean media reports, quoting court sources, claims registered so far have totalled more than five times the $5bn of debt Hanjin apparently had when it filed for court protection on 31 August last year.

By 10 October 2016, 3,000 creditors had lodged claims for some $800m, but this figure represented only the amount approved by the bankruptcy court at that time. Indeed, Greek containership owner Danaos, which had eight vessels chartered to Hanjin on a fixed-rate, long-term basis, said in its third-quarter filing it had submitted a claim of $598m, representing contracted revenue.

The company is expected to be liquidated after an audit from PriceWaterhouseCoopers said Hanjin had no value as a going concern.

(The Loadstar)