A Hanjin Shipping attorney told a federal court last Tuesday that it has virtually no assets in the U.S. to compensate several retailers, logistics providers, insurance companies and other claimants who fear the loss of claim rights if the court recognizes the carriers’ South Korean bankruptcy case, JOC.com reported on Wednesday. The claimants, in papers filed in U.S. District Bankruptcy court in New Jersey fear that their rights will be impaired, or lost if the court approves Hanjin’s request for Chapter 15 status. Approval would mean U.S. bankruptcy courts recognize the Korean bankruptcy proceeding, enabling the carrier to take certain actions in the U.S. to assist the case overseas. But a hearing on Nov. 22, which was scheduled to hear the case, was adjourned after Hanjin attorneys said eight objections had been filed, more than expected, and they needed additional time to prepare for them. The objections will now be heard Dec. 13. Read more. (Subscription required.)
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