Bankrupt South Korean shipping line Hanjin Shipping Co. Ltd. won U.S. court approval yesterday at a hearing for the $78 million sale of its stake in U.S. terminal operator Total Terminals International LLC, overcoming objections of container companies, Reuters reported. "My decision is to approve the sale," Bankruptcy Judge John Sherwood said, adding that he would approve the transfer of the sale's proceeds to South Korea. The container companies are creditors of Hanjin and were concerned whether the shipping line was getting top dollar for its 54 percent stake in Total Terminals, which operates container terminals at the ports of Seattle and Long Beach, California, and was rushing to close the transaction. The container companies were also concerned about sale proceeds going to South Korea, where they argued their claims may not be treated fairly. Hanjin's sale of it stake in Total Terminals to Luxembourg-headquartered Terminal Investment Ltd, which includes Terminal Investment forgiving $54.6 million in debt owed by Hanjin, has already been approved in court in South Korea.
