Bankrupt Hanjin Shipping is selling its 54% stake in a Long Beach container terminal to the world’s second largest container line MSC.
The Seoul bankruptcy court approved the sale of Hanjin’s 54% stake in Total Terminals International to MSC for an undisclosed sum. “It is expected to be made public if all conditions are met and (the contract) takes effect,”a court official was quoted as saying by Yonhap.
The sale requires approval from the US court and port authority.
The deal will give MSC, the world’s second largest container line, 100% control of Total Terminals International.
It is the second major sale by Hanjin approved by the bankruptcy court following the sale of its Asia – US business to Korea Line, as it seeks pay off over $5bn in debts.
While Hanjin has until 3 February 2017 to submit a rehabilitation plan to the courts it is widely expected to go into liquidation. The world’s seventh largest container line filed for receivership at the end of August.
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