Hanjin Shipping Inaugural Quarterly Bankruptcy Update

Hanjin Shipping Inaugural Quarterly Bankruptcy Update

 

 

 

1. Estate Property Reduced into Cash to Date

 

A.Balance After Bankruptcy (As of June 30, 2019)

Currency

Balance at Declaration

Realized Cash Amount

Expenses

Balance

KRW

US$

EUR

GBP

HKD

SGD AUD

CAD

CNY

JPY

CHF

19,467,208,479

157,465,922.92

6,399,418.21

500,000.00

4,000,000.00

996,976.00

-

-

-

-

-

55,001,425,549

66,546,016.99

1,512,861.18

424,680.75

10,229,946.63

946,918.70

342,922.64

52,488.48

0.01

233,364,426

43,387.42

46,855,955,081

22,439,452.63

116,640.66

39,140.44

-

-

-

-

-

87,860,106

-

27,612,678,947

201,572,487.28

7,795,638.73

885,540.31

14,229,946.63

1,943,894.70

342,922.64

52,488.48

0.01

145,504,320

43,387.42

 

 

B.Realized Items After Bankruptcy

Item

Currency

Amount

Collected freight, container deposit, etc.

KRW

1,710,810,886

USD

32,477,659.56

EUR

194,428.20

GBP

402,491.63

HKD

10,039,451.07

SGD

231,585.97

AUD

307,451.60

CAD

46,635.63

CNY

0.01

JPY

96,746,856

CHF

43,387.42

Collected receivables

SM Lines Corporation

 

KRW

2,513,855,819

Mirae Asset Life Insurance Co., Ltd.

KRW

6,295,447,365

Tax refunds

KRW

USD

1,788,858,480

1,806,741.04

JPY

48,757,464

Security Deposit

KRW

141,893,240

USD

1,448,298.47

SGD

693,489.70

Assets sold

 

Employee housing (Weolgye/ Deungchon)

KRW

12,568,668,619

Real estate property (Atlanta)

USD

5,781,676.45

Real estate property

(New Jersey)

USD

698,526.89

Container/ Equipment

KRW

1,830,799,787

USD

8,062,132.67

EUR

113,877.55

CAD

5,700.00

AUD

33,300.00

Vessel (“H. FOS”)

USD

3,272,366.98

Goodwill (right to transport in relation to S-Oil Corporation)

KRW

2,328,455,671

USD

1,827,183.99

Membership interests

KRW

5,048,775,400

Stocks sold

Kwangyang Terminal

KRW

3,509,933,727

Gyeongin Terminal

KRW

880,461,277

Hanjin Pacific

JPY

87,860,106

Chinese entity

KRW

1,000,000,000

Tongyoung tugboat

KRW

348,000,000

International Terminals

KRW

600,000,000

Hanjin Italy Spa

EUR

450,000.00

Miscellaneous

KRW

125,000,000

KRW

8,144,669

KRW

3,508,200

USD

26,066.63

EUR

620,000.00

USD

1,362,947.50

USD

1,000,000.00

Rental income 

KRW

4,626,343,645

USD

2,135,861.55

Indemnities

 

 

KRW

982,295,923

USD

1,136,637.90

EUR

134,555.43

GBP

21,910.00

Interest income

KRW

548,472,841

USD

4,498,101.57

HKD

190,495.56

SGD

21,843.03

AUD

2,171.04

CAD

152.85

GBP

279.12

Hanjin Newport Logistics

KRW

8,141,700,000

USD

1,011,815.79

Total

KRW

55,001,425,549

USD

66,546,016.99

EUR

1,512,861.18

GBP

424,680.75

HKD

10,229,946.63

SGD

946,918.70

AUD

342,922.64

CAD

52,488.48

CNY

0.01

JPY

233,364,426

CHF

43,387.42

C. Items to be Realized

#

Property

Estimated Amount (KRW)

Description of Method

1

Receivables

2,000,000,000

Via local collection agencies

2

Security deposits under leasehold rights (domestic)

50,000,000

 

3

Financial assets (stocks)

3,000,000,000

Seek potential purchasers, engage in sale

4

Stock investments (Singapore)

2,500,000,000

Engage in sale, liquidate foreign entities

5

Land/ Building

Apartment (Busan Hanjin Tower)

4,200,000,000

Sell through auction

Total

11,750,000,000

 

 

 

2. Pending Litigation

 

A. As a Named Plaintiff (7 cases)

 

 

# of Cases

Amount in Dispute

Domestic

3

KRW 10,040,000,000

Cross-Border

4

USD 8,490,000

 

B. As a Named Defendant (133 cases)

 

# of Cases

Amount in Dispute

Domestic

11

KRW 22,600,000,000

Cross-Border

117

USD 82,570,000

 

 

3. The expected closing of the bankruptcy process

 

As sale of assets and lawsuits are in progress for the above, we cannot expect the close of the bankruptcy process

 

4. Contact Points

 

Bankruptcy Estate: 33, 86 Gil Nonhyun-ro, Gangnam-gu, Seoul

(Yeoksam-dong , 4thFloor,DongCheonBuilding)

Trustee in Bankruptcy: 317, Teheran-ro, Gangnam-gu, Seoul

(Yeoksam-dong, 11thFloor,DonghoonTower)

Contact Details (Bankruptcy Estate):

Name

Responsibilities

Contact

H.I. Yoo

Oversee realization matters generally

+82-70-4349-7154

S.G. Kim

Collection of claims related to vessels on charter

+82-70-4349-7159

H.W.Park

Collection of domestic/overseas receivables

+82-70-4349-7157

H.G. Lee

Manage estate account, priority and bankruptcy claims

+82-70-4349-7155

D. B. Im

Equipment and inventory management, priority claims

+82-70-4349-7156

 

5. Note

 

· You can download updates on the outcome of the claims examination proceedings in the drop-down menu on this website.

 

· For any queries, please visit our Q&A page. The Trustee and the assistances will attend to your questions as soon as practicable.

 

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