Hanjin’s assets related to U.S. trades will be put up for sale

Assets related to the South Korean shipping company’s services to the United States will be put up for sale as soon as tomorrow, multiple press reports said Thursday.    Multiple press reports said that assets related to Hanjin Shipping’s services to the United States will be put up for sale as soon as tomorrow.
   Reuters quoted an unnamed spokesman for the Seoul Central District Court in South Korea, which is overseeing Hanjin’s insolvency proceedings, as saying the assets could be put up for sale as soon as this Friday, with a deadline expected to be Nov. 7.
   “The assets likely to be put up for sale include the manpower and operating systems for Hanjin Shipping’s U.S.-Asia routes, five container ships, seven overseas businesses and logistics operation systems,” Reuters reported. “Terms of the sale are subject to change.”
   The Wall Street Journal reported, “Hanjin’s Korean peer Hyundai Merchant Marine Co. will be the first to assess Hanjin’s 37 container vessels. Government officials have said they would back Hyundai in buying Hanjin assets, provided such a move would help it stay competitive.
   Meanwhile, the Korea Herald said Hanjin “has turned in an application seeking the court’s approval for merger. The court granted permission and chose Samil PricewaterhouseCoopers as the sales manager.”
   Hanjin filed for receivership in Seoul Aug. 31 and has stopped booking new cargo.
   Cargo deliveries have been delayed as some of its ships have been arrested in ports, and in other cases, the company has not had funds to have cargo discharged.
   Hanjin posted a North America vessel status update on Wednesday for its operated vessels.