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Thursday, 10 August 2017 08:45

Hanjin creditors may only get 2 cents to dollar

447 hanjin


An attorney for Hanjin has told a New Jersey bankruptcy court that the company has recovered only $220 million owed to it, against creditor claims of $10.5 billion.  This equates to a payout of only $0.02 to each dollar owed.  When the initial distribution to creditors will be made remains uncertain.  Judge John K. Sherwood, sitting in US Bankruptcy Court in Newark has granted a request from Columbia Group of Liberty Corner, New Jersey, to sell 35 Hanjin containers it is storing at its Port Elizabeth Terminal.  The sale of the containers is estimated to be US$ 1000.00 each.




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