Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

Rough waters: why Hanjin’s rehabilitation process sank

By Tom Rhys Davies

17 February 2017

Rough waters: why Hanjin’s rehabilitation process sank Hanjin Cargo ship in Savannah, Georgia iStock.com/dmatheis

Hanjin Shipping Co, once the largest container transport company in Korea and a major player in the global supply chain, was officially declared bankrupt on 17 February, closing a difficult court-managed rehabilitation process that saw ships seized in international ports, while other vessels, crew and cargo were stranded offshore. GRR looks back on the six-month proceedings, and talks to maritime and insolvency lawyers on why speed and preparation are of the essence in getting courts to cooperate across borders, control disputes and protect a company’s assets.