September 30, 2016
CUSTOMER ADVISORY
Dear Valued Customer,
Hanjin Shipping has issued a notice on the rehabilitation claim process for any company that has claims resulting from Hanjin’s breach of service contracts or any other costs that have arisen from their bankruptcy situation.
Korean Court Rehabilitation is a process similar to Chapter 11 in the U.S., where the purpose is to rehabilitate the insolvent debtor company by restructuring its debts owed to creditors. The debts are restructured according to the rehabilitation plan approved by the creditors and the rehabilitation court of Korea in accordance with the Debtor Rehabilitation Bankruptcy Act of Korea (“DRBA”). The aim is therefore to protect Hanjin while it trades out of its debt.
Should your company wish to file a claim with the Korean court, the deadline is on or before October 25, 2016. Please follow the link here for claims instructions.
Hanjin Shipping filed for bankruptcy protection, under chapter 15, in U.S. Bankruptcy Court on September 2, 2016.
We will continue to keep you updated on further developments. Please contact your local V. Alexander team with any questions or concerns.