Hopes of the company’s revival are dim.
The Wall Street Journal has reported citing sources familiar with the matter at hand that Hanjin Shipping Co Ltd is considering a restructuring plan which is likely to see it sell more than 50% of its ships.
The sources have however revealed that liquidation remains as the most likely outcome for South Korea’s Hanjin Shipping, the world’s seventh-largest container carrier.
Hanjin Shipping had filed for receivership last month in a South Korean court. It must submit a rehabilitation plan by the end of December this year.
The company is working under various scenarios and is focusing on one under which it hopes to retain 15 of its 37 ships while returning 61 of its chartered chips to their respective owners.
A spokeswoman for Hanjin Shipping declined to comment on restructuring scenarios saying that a court ruling on its plans was months away.
Straddled with debts of upto $5.33 billion (6 trillion won) at the end of June, and with South Korea’s government unwilling to mount a rescue, challenges facing the company are significantly high.
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