Maher Terminals Cleared to Sell Hanjin Containers
Maher Terminals, the largest container handler in the New York-New Jersey port complex, received the green light from a United States bankruptcy judge in New Jersey to sell Hanjin containers located on its property.
The terminal operator applied to the court to do just that a couple of weeks ago, citing the $3 million the now-defunct Hanjin Shipping owes Maher in storage fees and penalties for 256 containers that remain on Maher property and the backlog that is causing to container processing at the terminal. Maher expects to recoup in the neighborhood of a quarter of a million dollars from the sale of the containers.
Hanjin Shipping filed for receivership in a court in Seoul, South Korea on August 31, 2016, after failing to come to terms with its creditors to restructure debt. The US Bankruptcy Court in New Jersey was handling a petition under Chapter 15 of the Bankruptcy Code which is designed to protect US creditors in foreign bankruptcy proceedings. The South Korean court officially called for the liquidation of Hanjin Shipping on February 17, after finding the company was incapable rehabilitation, although assets were already begun to be sold off well before that.
Experts say that Hanjin’s unsecured creditors will likely receive next to nothing from the liquidation.