South Korea's Hanjin Shipping Co Ltd. is selling major businesses, including its Asia to U.S. route network, and will receive letters of intent by Oct. 28, Reuters reported today. The sale comes as creditors line up claims less than two months after the company applied for court receivership as the first major shipping line to be dragged down by global industry overcapacity and comparatively low freight rates. The firm had total debt of 6.03 trillion won ($5.41 billion) as of the end of June, according to its court filing. Hanjin Shipping received court approval to seek buyers for assets in order to pay back creditors now in the process of making claims until Oct. 25.
