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Thursday, September 08, 2016

Samsung Electronics seeks U.S. court help to get Hanjin cargo

Wed Sep 21, 2016 | 9:55 PM EDT Hanjin Shipping shares rally 28 percent after Korean Air approves lending Container vessel Hanjin Rome sits in the eastern anchorage area in Singapore September 9, 2016. REUTERS/Edgar Su/File Photo Container vessel Hanjin Rome sits in the eastern anchorage area in Singapore September 9, 2016. Reuters/Edgar Su/File Photo Hanjin Shipping shares rally 28 percent after Hanjin Shipping (117930.KS) shares surged as much as 28 percent in morning trade on Thursday after the board of Korean Air Lines (003490.KS), its biggest shareholder, approved lending 60 billion won ($53.96 million) to the troubled container carrier. Shares of Korean Air climbed 5 percent. Korean Air's board decided late on Wednesday to provide the funds to help offload cargo that has been stranded on Hanjin ships, using Hanjin's accounts receivable as collateral, a spokesman for the airline said. (Reporting by Hyunjoo Jin; Editing by Paul Tait) ======================= Thu Sep 8, 2016 | 5:36 PM EDT Samsung Electronics seeks U.S. court help to get Hanjin cargo ‹ Giant cranes are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. REUTERS/Kim Hong-Ji 2/2 Giant cranes are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. Reuters/Kim Hong-Ji Shipping containers are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. REUTERS/Kim Hong-Ji 1/2 Shipping containers are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. Reuters/Kim Hong-Ji Giant cranes are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. REUTERS/Kim Hong-Ji 2/2 Giant cranes are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. Reuters/Kim Hong-Ji Shipping containers are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. REUTERS/Kim Hong-Ji 1/2 Shipping containers are seen at the Hanjin Shipping container terminal at Incheon New Port in Incheon, South Korea, September 7, 2016. Reuters/Kim Hong-Ji › Samsung Electronics seeks U.S. court help to get. By Tom Hals Samsung Electronics Co Ltd on Thursday asked a U.S. judge to allow it to pay cargo handlers to remove its goods from Hanjin Shipping Co Ltd's vessels stationed near U.S. ports after the failure of the world's seventh-largest container carrier. Around $14 billion of cargo has been tied up globally as ports, tug boat operators and cargo handling firms refuse to work for Hanjin because they fear they will not be paid due to uncertainty over plans to provide new financing. Samsung said an order this week by a U.S. bankruptcy judge did not encourage the Hanjin ships to enter U.S. ports as intended, which the company blamed on a misunderstanding of maritime law, the bankruptcy code and Korean law. The maker of electronic goods including Galaxy smartphones said the judge should issue an order barring the seizure of ships and allow it and other cargo owners to retrieve their goods by paying cargo handlers, who have been demanding payment guarantees. "There’s no earthly reason why these parties should not be permitted to cut their own deals," Samsung said in a Thursday court filing with the U.S. Bankruptcy Court in Newark, New Jersey. An attorney for Hanjin, Ilana Volkov, did not immediately respond to a request for comment. The judge, John Sherwood, will hear the request on Friday. Hanjin's collapse last week came during the peak shipping period ahead of the year-end holiday season, stranding cargo for the likes of HP Inc and Samsung. As of Thursday afternoon, two Hanjin ships were near the Port of Long Beach, according to the Marine Exchange of Southern California, which tracks cargo ship traffic. One of the ships, the Hanjin Boston, is scheduled to head into the port on Friday afternoon for re-fueling. A third ship, the Hanjin Greece, was off the shore of Mexico, where it could avoid U.S. anti-pollution regulations that require use of low-sulfur fuel, the tracking group said. Many ships carry only a limited supply of low-sulfur fuel. Some cargo owners have already paid fees to terminal operators to allow the release of Hanjin containers held up on the docks, according to a Port of Oakland spokesman. The Seoul Central District Court is presiding over the receivership filed by Hanjin last week. A foreign representative of the shipping line has filed for so-called Chapter 15 bankruptcy with the Newark court. Chapter 15 is meant to allow a company to seek recognition by U.S. courts of orders issued overseas and to ask U.S. judges to assist in a foreign corporate debt restructuring. ====================== Ex-chairwoman of Hanjin Shipping indicted over illegal stock trading 2016/12/30 16:56 TweetFacebook ShareGoogle +1 ReduceEnlargePrint SEOUL, Dec. 30 (Yonhap) -- A former head of Hanjin Shipping Co. was indicted Friday on charges that she illegally sold company stocks using insider information to avoid losses. The Seoul Southern District Prosecutors' Office said Choi Eun-young is accused of selling stocks of the financially troubled Hanjin Shipping in April after obtaining information that the company will go through a creditor-led debt restructuring. The stock sale was completed a few days before Hanjin Shipping, long troubled by an industry slump and ballooning losses, decided to apply for a creditor-led debt revamp and a self-rescue program. Hanjin, one of the world's leading container carriers, filed for court receivership in late August amid multi-billion-dollar debts. Choi currently heads Eusu Holdings Co. which separated from Hanjin Group in May 2015. It has shipping-related units under its wing. In this file photo taken on Sept. 27, 2016, Choi Eun-young, former chairwoman of Hanjin Shipping, sobs on her knees during a parliamentary audit at the government complex in Sejong, central South Korea. Choi, who served as the shipper's head from 2008 and 2014, offered an apology over the fall of the country's No. 1 container shipping line currently under court receivership. (Yonhap) In this file photo taken on Sept. 27, 2016, Choi Eun-young, former chairwoman of Hanjin Shipping, sobs on her knees during a parliamentary audit at the government complex in Sejong, central South Korea. Choi, who served as the shipper's head from 2008 and 2014, offered an apology over the fall of the country's No. 1 container shipping line currently under court receivership. (Yonhap)

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