Meanwhile, a judge in STX Offshore’s Korean bankruptcy proceedings has ordered the troubled shipbuilder to put its shipyard up for sale along with its profitable cruise ship subsidiary based in France, according to multiple media reports.
Hanjin opposed Ashley Furniture’s motion for a freeze on the amounts it owes the carrier, along with a reduction in the amounts owed, saying in a court filing that if the motion was granted, its ability to reorganize would have been severely jeopardized.
The transportation and logistics provider’s net income dropped 41 percent to $18.9 million compared with third quarter 2015 after a similar 43 percent year-over-year decline the previous quarter, according to the company’s most recent financial statements.
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Georgia Ports Authority Executive Director Griff Lynch said the Port of Savannah is quickly recovering from Hurricane Matthew, but cargo vessels are unable to reach the port until navigational aids are repaired.
The South Korean carrier said certain providers have been charging its customers more than what it would have charged to transport cargo and has tried to intervene, taking its concern up with the Federal Maritime Commission.
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.