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Judge to decide may Hanjin Shipping sell stake in U.S. terminal operator

Staff Writer |
The judge overseeing the U.S. bankruptcy case of Hanjin Shipping said he will likely announce on Wednesday whether he will approve the South Korean company's sale of its stake in a U.S. terminal operator after conferring with his South Korean counterpart.

"I do intend to render a decision probably on Wednesday and I'll just read it into the record," Judge John Sherwood said at the end of an all-day hearing in which container companies argued against the sale.

Hanjin is selling its 54 percent stake in Total Terminals International for $78 million to Luxembourg-headquartered Terminal Investment Ltd in a deal that also includes forgiving $54.6 million in debt. The deal has already been approved in court in South Korea.

The container companies are creditors of Hanjin and are concerned whether it is getting the best price for the stake in Total Terminals under the deal with Terminal Investment.

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