Hanjin Gets Winning Bid From Shipper That Once Almost Failed
A South Korean shipping company that filed for bankruptcy protection five years ago emerged as the surprise winning bidder for some assets of the collapsed Hanjin Shipping Co., pipping a bigger rival that is undergoing a creditor-led debt revamp.
Korea Line Corp., the nation’s second-largest bulk carrier, beat Hyundai Merchant Marine Co. to be the preferred bidder for Hanjin’s Asia-U.S. business, a spokesman for the Seoul Central District Court said in a text message Monday. Final sale documents will be signed Nov. 21, according to the court. Shares of Korea Line slumped the most in three years.
A successful acquisition of the assets will mark Korea Line’s entry into the container-shipping business, helping it challenge the dominance of Hyundai Merchant on the busy Asia-U.S. route.