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Hanjin Shipping's last ditch hope to save itself by selling most of its ships
SOUTH Korea's Hanjin Shipping Co Ltd, whose collapse has disrupted global trade, is considering selling most of its ships to stay alive, Reuters reports.
But liquidation remained the most likely outcome for Hanjin, said the Wall Street Journal, according to its sources.
Hanjin Shipping 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.
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 US$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.
But liquidation remained the most likely outcome for Hanjin, said the Wall Street Journal, according to its sources.
Hanjin Shipping 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.
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 US$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.
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