Lack of Planning Hampers Hanjin Shipping Bankruptcy
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The cargo ship Hanjin Rome sat offshore near Singapore on Sept. 9. The shipping company’s sudden bankruptcy has stranded the cargo and crew of several ships. CreditEdgar Su/Reuters
The Hanjin Shipping Company filed for bankruptcy in South Korea on Aug. 31, and sought recognition of that bankruptcy in the United States under Chapter 15 of the bankruptcy code, which governs such matters.
In the meantime, there has been apparent chaos as ships have been milling about off shore, stranding cargo and crew and even a filmmaker in a kind of insolvency limbo.
Perhaps what is most surprising about this entire event is the apparent lack of planning that went into this bankruptcy case. It certainly does not reflect well on the company’s board, which should have gotten bankruptcy professionals involved early to prepare the bankruptcy filing and account for the company’s assets throughout the world…
Lack of Planning Hampers Hanjin Shipping Bankruptcy
