The Seoul Central District Court has approved a divestment of Hanjin Shipping (117930.KS)'s Asia-US network and the bankrupt carrier has encouraged Maersk Line to bid on the assets, according to The Korea Economic Daily.
It was reported that the ailing Korean shipping company recently contacted Maersk Line, the world's largest container shipping company, to take part in the bidding for the deal.
According to the Court on October 13, Hanjin Shipping is set to undertake a main bidding on November 7 after making a business transfer notification on October 14 and taking letters of intent by the 28th.
"The value of Hanjin Shipping falling rapidly in continuation of the ongoing logistical crisis, we will try to sell the assets as quickly as possible," said a spokesman from the court according to the media.
The court official said, "Given the corporate value of Hanjin Shipping is falling at a rapid pace after the logistics crisis, we will try to sell the assets as quickly as possible."
The assets for sale include the company's core business units such as North American routes (Shanghai-Long Beach
, Oakland, etc.) and some of its Asian routes. The package includes 10-or-so overseas affiliates of Hanjin, five ships, logistic IT system, and a group of experts.
A Hanjin Shipping official said, "The package was selected from 73 routes across the world. We believe the package would be worth more than 100 billion won."