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Singapore court gives near-bankrupt Hanjin a break by stalling creditors
SINGAPORE's High Court has granted a temporary reprieve for the near-bankrupt Hanjin Shipping, allowing the Korean carrier's ships to sail into the city-state without fear of being impounded as it struggles to settle a US$5.37 billion debt, reports Agence France-Presse.
Since last month, Hanjin's vessels, sailors and cargo have been stuck in a maritime limbo as ports, fearing they won't be paid for their services, refusing to let them dock and refusing to handle or free the cargo already landed.
The ruling suspends "any enforcement or execution against any asset" of Hanjin and two local subsidiaries, which means that vessels can sail into Singapore without fear of being seized, pending approval of the company's recovery plan.
"I was satisfied that the Korean rehabilitation orders should be recognised and assistance rendered," Judge Aedit Abdullah said, adding this could be "to the extent of preventing arrest of ships of the Hanjin fleet."
Hanjin, the world's seventh largest shipping firm, on August 31 sought court protection in the industry's biggest-ever bankruptcy filing after creditors rejected its latest plan to get out of debt.
About two thirds of its cargo fleet is stranded at sea, while some of its ships have been seized at various ports worldwide, including one container vessel in Singapore.
Since last month, Hanjin's vessels, sailors and cargo have been stuck in a maritime limbo as ports, fearing they won't be paid for their services, refusing to let them dock and refusing to handle or free the cargo already landed.
The ruling suspends "any enforcement or execution against any asset" of Hanjin and two local subsidiaries, which means that vessels can sail into Singapore without fear of being seized, pending approval of the company's recovery plan.
"I was satisfied that the Korean rehabilitation orders should be recognised and assistance rendered," Judge Aedit Abdullah said, adding this could be "to the extent of preventing arrest of ships of the Hanjin fleet."
Hanjin, the world's seventh largest shipping firm, on August 31 sought court protection in the industry's biggest-ever bankruptcy filing after creditors rejected its latest plan to get out of debt.
About two thirds of its cargo fleet is stranded at sea, while some of its ships have been seized at various ports worldwide, including one container vessel in Singapore.
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