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U.S. judge approves sale by Hanjin Shipping of Total Terminals stake

Staff Writer |
Bankrupt South Korean shipping line Hanjin Shipping won U.S. court approval at a hearing on Wednesday for the $78 million sale of its stake in U.S. terminal operator Total Terminals International LLC, overcoming objections of container companies.

"My decision is to approve the sale," U.S. Bankruptcy Judge John Sherwood said, adding he would approve the transfer of the sale's proceeds to South Korea.

The container companies are creditors of Hanjin and were concerned whether the shipping line was getting the bes price for its 54 percent stake in Total Terminals, which operates container terminals at the ports of Seattle and Long Beach, California, and was rushing to close the transaction.

Hanjin's sale of it stake in Total Terminals to Luxembourg-headquartered Terminal Investment, which includes Terminal Investment forgiving $54.6 million in debt owed by Hanjin, has already been approved in court in South Korea.

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