Hanjin opposed Ashley Furniture’s motion for a freeze on the amounts it owes the carrier, along with a reduction in the amount owed, saying in a court filing that if the motion was granted, its ability to reorganize would be severely jeopardized.
The U.S. District Bankruptcy Court in Newark, N.J. will hear from companies today that said Hanjin is not “promptly” informing creditors when ships go off charter.
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The Danish conglomerate said one division will focus on transport and logistics, while the other division will focus on energy.
The President of South Korea, Park Geun-hye, said corporate responsibility and moral hazards are creating adverse effects on its national economy and the government will not blindly support companies in financial trouble.
Various media reports have speculated the sale of South Korean liner carrier Hanjin Shipping, viewing COSCO and Maersk Line as possible buyers.