What to expect from a Chapter 15 proceeding
As many readers are aware, one of South Korea’s largest shipping companies, Hanjin Shipping Co. Ltd., has filed for bankruptcy. The insolvency of Hanjin, which is the world’s seventh largest container line, will have a significant impact on the global transportation and retail sector. Shippers, charterers, freight forwarders, motor carriers, terminal operators, and commercial retailers are now scrambling to reroute $14 billion worth of cargo, which is packed into 540,000 containers and loaded onto any one of Hanjin’s 141 vessels (some owned, some chartered).
November 1, 2016