Hanjin Take-over: Bidders Begin Due Diligence
Bidders for Hanjin Shipping Co.'s Asia-U.S. route up for sale will start a due diligence process this week, with the asset sale by the country's ailing shipper expected to be completed by next month, Yonhap reports quoting industry sources.
According to various reports, Hyundai Merchant Marine Co., Korea Shipping Association, Korea Line Corp. and private equity firm Hahn & Co. were among those that have expressed interest,, as Hanjin is broken up as part of a restructuring plan.
The asset sale includes vessels that operate on its Asia-U.S. route. The due diligence on the asset is being conducted from October 31 to November 4. Final bids are due by Nov. 7.
Hanjin Shipping, currently under court receivership, is seeking to sell its assets in an effort to survive an industrywide slump and cash shortage.
Earlier, industry sources expected that HMM would to be the sole bidder for the Hanjin assets. On the other hand, Denmark’s Maersk Line, the largest container shipper in the world, and Geneva-based Mediterranean Shipping Co. (MSC), the second largest, did not participate in the bidding.
