Iranian Ship Linked to Houthi Attacks Heads Home Amid Tensions
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
However, liquidation remained the most likely outcome for Hanjin Shipping, the newspaper cited the sources as saying.
Hanjin Shipping, the world’s seventh-largest container carrier, filed for receivership late last month in a South Korean court and must submit a rehabilitation plan in December.
The company is working on various scenarios and focusing on one under which Hanjin would retain up to 15 of its 37 ships and return almost all of its 61 chartered ships to their owners, leaving a much smaller carrier, the Wall Street Journal said.
A Hanjin Shipping spokeswoman declined to comment to Reuters on any restructuring scenarios, adding that a court ruling on its plan was months away.
With debt of about 6 trillion won ($5.33 billion) at the end of June and the South Korean government’s unwillingness to mount a rescue, expectations are low that Hanjin Shipping will be able to survive. ($1 = 1,125.0500 won) (Reporting by Joyce Lee; Writing by Tony Munroe; Editing by Robert Birsel)
(c) Copyright Thomson Reuters 2016.
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