By In-Soo Nam
SEOUL-- Hyundai Merchant Marine Co. said Thursday it has submitted its final proposal to acquire the assets of Hanjin Shipping Co.'s Asia-U.S. route, as Hanjin is broken up as part of a restructuring plan.
Hyundai Merchant also said in the proposal that it has expressed its intention to purchase Hanjin's 54% stake in Total Terminals International LLC, which runs Long Beach Terminal in California.
A Hyundai Merchant spokesman declined to provide details, such as its bidding price for the trans-Pacific assets.
A judge at the Seoul Central District Court, which is handling Hanjin's insolvency proceedings, said two companies have made final bids, but declined to identify them.
He said the court plans to choose a preferred buyer by Monday and sign a formal contract by Nov. 21.
The court said last month a total of five shipping companies and equity funds had presented their initial bids to acquire Hanjin's trans-Pacific assets, including its container ships, business network and the workforce involved in running the Asia-U.S. route.
The sale process may herald the beginning of the end of Hanjin, which filed for receivership in late August, disrupting supply chains around the world.
Hanjin, once the world's seventh-largest container operator by capacity, is under court order to cut its workforce, sell its own ships and return chartered ships to their owners.
A Hanjin spokeswoman said Thursday it plans to fire almost all of its 700 seafarers by the end of the year and reduce its land-based workforce of 700 by nearly 60%.Write to In-Soo Nam at In-Soo.Nam@wsj.com
(END) Dow Jones Newswires
November 10, 2016 03:36 ET (08:36 GMT)
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