Korean shipping line Hanjin Shipping Co. Ltd. won an order yesterday from a U.S. judge extending bankruptcy protections so its vessels can dock at U.S. ports without fear creditors will try take actions against the ships, as they have in other countries, Reuters reported today. Bankruptcy Judge John Sherwood approved a motion by the world's seventh largest container carrier that sought to extend to the United States the protection from creditors that it has under receivership in South Korea. The order is temporary and Hanjin will need to return to court on Friday for a final order after talks with stakeholders to try to resolve complex problems involving ports, terminal operators and retailers, Judge Sherwood said. Hanjin filed for chapter 15 protection in the U.S. and sought an order recognizing proceedings in South Korea and protecting its U.S. assets. Some Hanjin vessels have not docked due to uncertainty about the company's finances. As of Monday, 70 Hanjin ships had been denied access to ports and three had been seized in Singapore and China by creditors through court orders. Read more.
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