Rough waters: why Hanjin’s rehabilitation process sank
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.
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GRR is a daily information service providing cross-border insolvency and restructuring news, features and events.